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China's Ministry of Agriculture and Rural Affairs said pork supplies will rise 30% year on year during the January-February peak season and prices will stay stable. Breeding sow stocks have risen for 12 straight months as hog farm numbers expand.
Expanding Chinese pork supply and stable prices point to slower growth in hog feed demand, which is mildly bearish for corn and soymeal over time.
ecns.cnOct 22, 2020After 34 past bearish policy events, Lean Hogs moved a median -0.3% over 5 sessions (41% higher; middle half -1.6% to +1.3%), and -1.8% over 20.
After 310 past bearish policy events, Corn moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% over 20.
After 223 past bearish policy events, Soybean Meal moved a median -0.3% over 5 sessions (45% higher; middle half -2.2% to +1.2%), and -0.6% 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.
