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China's 2022 pork output rose 4.6% to 55.41 million tonnes, with USDA forecasting a small further increase in 2023. Hog prices fell from about 36 yuan/kg in October 2022 to 20 yuan/kg in February 2023, before stabilising after state frozen-pork purchases.
Low hog prices and expanding supply reduce Chinese hog-farmer margins and feed demand, which is bearish for soymeal and feed grain demand while pork imports remain well below 2021 levels.
ahdb.org.ukJun 21, 2023Not 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.
