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China's sow herd at end-October was 42.1 million, still above what is needed, according to state media. The Ministry of Agriculture and Rural Affairs said it will support a more reasonable level of pig production through land, environmental and financial policies.
Excess sow herd and planned production cuts point to weaker hog prices near term and eventually lower feed demand, a bearish signal for feed grains and soymeal.
farmpolicynews.illinois.eduKeith GoodNov 24, 2023After 34 past bearish policy events, HOGS moved a median -0.3% over 5 sessions (41% higher; middle half -1.6% to +1.3%), and -1.8% over 20.
After 310 past bearish policy events, CORN moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% over 20.
After 223 past bearish policy events, SBM moved a median -0.3% over 5 sessions (45% higher; middle half -2.2% to +1.2%), and -0.6% 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.
