
China's 2022 pork output rose 4.6 percent to 55.41 million tonnes, the highest since 2014, according to official data. Q4 production was up year on year despite labour shortages from COVID outbreaks, while demand stayed weak.
Higher domestic pork supply with soft demand weighs on hog prices and suggests lower near-term feed and soymeal import needs, a bearish signal for feed ingredients.
After 159 past bearish report events, Lean Hogs moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +1.0% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.