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Rabobank's first-quarter 2024 global pork report expects pork production to slow this year as key regions cut sow herds. Disease, negative margins and oversupply are driving destocking, while consumption is expected to improve mildly.
Slower output and a mild rise in consumption could support hog prices later in 2024, while the report also says corn and soybean prices, down 15% to 25% over the past year, may fall further given weak demand and high inventories.
feedstrategy.comAnn ReusFeb 14, 2024After 61 past neutral report events, Lean Hogs moved a median -0.4% over 5 sessions (48% higher; middle half -1.3% to +1.8%), and +2.1% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
