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Hog margins improved in the first half of November as cash hog prices firmed and feed costs eased. Slaughter for the four weeks ending November 12 was 1.8% below a year earlier, and the September inventory of 120-179 lb hogs was 1.2% lower.
USDA's November WASDE lowered 2022 pork production.
Tighter hog supplies support hog prices and improve producer margins, which can support demand for feed and protein meal over the coming months.
swineweb.comJim EadieNov 18, 2022After 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.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
