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The USDA Beijing attaché released early projections for China's pork sector. It estimates 2023 pork production at 56.5 million tonnes, the highest since 2014, and 2024 output at 55.95 million tonnes, down about 1%.
The hog herd is projected to shrink from 435 million head at end-2023 to 416.81 million by end-2024.
A shrinking Chinese hog herd and lower 2024 output would reduce domestic feed demand and raise import needs for pork. These are preliminary figures that USDA may revise in its October report.
ukragroconsult.comSep 12, 2023After 100 past bullish report events, Lean Hogs moved a median -0.2% over 5 sessions (49% higher; middle half -1.9% to +2.0%), and -0.4% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
