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The Hog Margin Watch reports hog margins weakened in April as the pork cutout fell from nearly $90/cwt in mid-March to just above $70, with pork bellies leading the decline. Cold storage pork inventories are excessive, and pork production in China hit a five-year high in Q1 while demand remains tepid.
Heavy inventories and weak export demand from Asia point to continued pressure on hog prices and tighter producer margins, reducing feed buying appetite.
swineweb.comJim EadieApr 19, 2023Not 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.
