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A USDA FAS attaché report forecasts China's 2023 pork imports at 1.85 million tonnes and breeding swine imports at 5,000 head, reflecting lower domestic hog and pork prices. Beef cattle production is forecast to rise to 52.575 million head and beef imports to fall to 2.5 million tonnes.
Lower Chinese pork and beef import forecasts reduce global meat demand and weigh on hog and cattle prices, while stronger domestic Chinese cattle supply reduces import needs.
fas.usda.govSep 7, 2022After 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 144 past bearish report events, Live Cattle moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% over 20.
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.
