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CME lean hog futures rose in deferred contracts after a USDA report showed producers plan 1% fewer sows farrowing from March to May and 3% fewer from June to August. Analysts were surprised, as they had expected slight increases.
The March 1 breeding herd was up slightly from last year.
Lower intended farrowings point to tighter future hog supply, supporting deferred hog prices and eventually reducing feed demand if producers cut herds. Analysts doubt the intentions will hold.
financialpost.comReutersMar 31, 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.
