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Lean hog futures pulled back from January highs but formed a bullish flag pattern, according to analyst Jim Wyckoff. The CME lean hog index rose 49 cents to $67.34 as of Jan.
16, its sixth gain in seven days. China's December pork imports fell 54.3% year on year, and China produced a record 57.94 MMT of pork in 2023.
Rising hog index values and weaker Chinese import demand offer mixed signals, with domestic hog prices firming while China's import pull is down. Feed buyers should watch hog-linked demand for feed.
thepigsite.comSarah MikesellJan 19, 2024Not enough comparable past events yet for a historical read.
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.
