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CME December lean hog futures eased after USDA's quarterly Hogs and Pigs report showed the US hog herd down 1% as of September 1, a larger drop than analysts expected. Breeding hogs were 99% of last year's level, versus an expected 99.6%.
Live cattle futures firmed on strong cash demand.
A faster-than-expected herd contraction tightens future hog supplies and supports prices, while producers' slow rebuilding limits feed demand from expansion.
financialpost.comReutersSep 29, 2022After 100 past bullish report events, HOGS moved a median -0.2% over 5 sessions (49% higher; middle half -1.9% to +2.0%), and -0.4% 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.
