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Bloomberg reports China bought 23,800 tonnes of US pork in the week ending March 7, its largest purchase since April 2017, according to USDA. June lean hog futures rose as much as 3.4% to 83.6 cents per pound on March 15, the highest since December.
China also began state reserve pork purchases of 50,000 tonnes starting March 15.
Large Chinese purchases of US pork and domestic restocking support global pork prices and hog demand, adding to the bullish outlook for US hogs.
ttnews.comMichael HirtzerMar 15, 2019After 85 past bullish trade events, Lean 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.
