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Dennis Smith's commentary says open interest in hogs rose sharply on Jan. 30 with funds adding long positions, and active options trading.
He argues the September Hogs and Pigs report overstated numbers because culling last summer exceeded survey estimates, affecting butcher hog supplies this winter. He also says China is diversifying food imports away from US corn and soy, and sees corn falling toward $4.00.
A possible overstatement of hog supplies would tighten butcher hog numbers and support hog prices, while China's diversification away from US corn and soy is bearish for feed grain demand and prices.
swineweb.comJim EadieJan 31, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
