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USDA's December Hogs and Pigs report showed the US breeding herd up 0.5% from a year earlier, against a pre-report trade average of down 0.3%. December-February farrowing intentions are up 1.0%, and the first estimate for March-May 2023 farrowing is up 0.5%.
A larger breeding herd and higher farrowing intentions signal more hog supply in 2023, which is bearish for hog prices later in the year.
porkbusiness.comJennifer ShikeDec 24, 2022After 159 past bearish report events, HOGS moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), 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.
