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USDA estimated US market hog inventory on December 1, 2019 at almost 71 million head, above the prior year and the 40-year trend. Pork export demand is at an all-time high due to African swine fever in China, and a price model projects about $55/cwt for early 2020.
A large hog inventory supports greater feed demand from the hog sector, but heavy supply may cap hog prices and futures rallies.
lacocommodities.comDavid TedrowJan 2, 2020After 61 past neutral report events, Lean Hogs moved a median -0.4% over 5 sessions (48% higher; middle half -1.3% to +1.8%), and +2.1% 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.
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.
