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US lean hog futures surged the daily limit after a Tyson Foods executive said Q1 pork sales to China rose nearly 600 percent year over year. The rally was also driven by short-covering after April futures fell 16% the prior week.
Traders cautioned that the gain comes from a very low base.
Strong Chinese pork demand reported by a major packer supports hog prices, though the gain is off a low base and the rally was partly technical.
financialpost.comReutersFeb 6, 2020After 85 past bullish trade events, HOGS moved a median +0.8% over 5 sessions (54% higher; middle half -1.8% to +4.5%), and +4.0% 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.
