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Rabobank's Q3 Pork Quarterly projects global pork output falling 8%, with China down 17%, the Philippines down 9% and Vietnam down 8% to 11%. US pork production is expected to rise 1.3%.
Chinese live hog prices have risen sharply on tight supply, while US hog prices are down 41% year on year.
Lower global pork output cuts competing meat supply and supports demand for feed grains and meals, while China's tight hog supply keeps feed demand firm.
meatpoultry.comErica ShafferJul 23, 2020After 159 past bearish report events, HOGS moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +1.0% over 20.
After 1,040 past bullish report events, CORN moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 414 past bullish report events, SBM moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
