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Chinese hog prices fell 17.5% month on month to 15.82 yuan/kg on Feb 1 and were down 43% quarter on quarter, extending an 11-week decline. Excess sow inventory, heavy slaughter in December and weak Lunar New Year demand drove the drop.
Crushers expect lower soymeal demand from the feed sector from March.
Weaker hog margins and reduced herd feeding cut demand for soybean meal from March to June, pressuring meal prices and crush margins, which are already near breakeven.
spglobal.comMelody LiFeb 2, 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.
