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USDA estimated the US hog herd up 0.1% year-on-year as of June 1, above the trade's expected 0.7% decline. Lean hog futures rallied, with the CME lean hog index at $94.31 amid a seasonal cash price advance.
China's state planner also warned that hog prices had entered a critical zone and planned a second round of state pork purchases.
A larger-than-expected US herd is mildly bearish for hog futures, but strong seasonal cash prices and Chinese state pork buying support prices, so the net outlook for feed demand is mixed.
thepigsite.comSarah MikesellJul 6, 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.
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.
