
China's second-quarter pork output rose 4.6% year-on-year to 14.4 million tonnes, the highest for the period in at least a decade. Farmers kept more pigs on hopes of better demand, while hog prices stayed near 15 yuan per kg, below production costs.
Heavy Chinese hog supply and weak domestic prices point to continued soft meal demand from the hog sector, which is bearish for soymeal and corn feed demand.
After 159 past bearish report events, Lean Hogs moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +1.0% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
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.