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US Department of Agriculture data showed the breeding herd at the end of December was nearly 1% smaller than in September, and producers held back 6% fewer gilts than a year earlier. Hog futures for summer 2021 were about $84 per cwt, well above the prior year's level.
A smaller breeding herd and fewer gilts point to reduced future hog supplies, which supports higher lean hog prices. Lower hog numbers also reduce demand for feed grains and meal over time.
producer.comEd WhiteJan 15, 2021After 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.
