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The USDA's September monthly report raised its third-quarter pork production estimate by 0.9% from August as slaughter pace exceeded expectations. It cut its 2022 hog price forecast 3.4% to $71.30 per hundredweight.
CME lean hog futures eased on the day.
Higher projected pork output and a lower price outlook point to more supply on the market, which is bearish for hog prices and weighs on demand for feed.
reuters.comTom PolansekSep 12, 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.
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.
