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US hog futures fell nearly 17% in the week before June 29 and dropped below $1 per pound for the first time since March. Pork cutout prices fell sharply, with ribs down more than 31% in recent weeks, after China said its hog herd had recovered to over 98% of pre-disease levels.
Weaker expected US pork exports to China in the second half of 2021 reduce demand for hogs and some feed grains, putting downward pressure on hog prices and feed use.
irjci.blogspot.comHeather ChapmanJun 29, 2021After 123 past bearish trade events, Lean Hogs moved a median -0.4% over 5 sessions (43% higher; middle half -2.9% to +2.0%), and -0.2% over 20.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
After 384 past bearish trade events, Soybean Meal moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% 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.
