
China's sow herd at end-November 2021 was 4.7% above a year earlier at 42.96 million head, though down 1.2% from October. Pig slaughter in the first 11 months rose 66.1%, and rising output has pushed pork prices down and hog margins negative.
A growing sow herd and heavy slaughter signal sustained pork oversupply and weaker hog margins, which tends to reduce feed demand for corn and meal in China.
After 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 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), 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.