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Lean hog futures fell this week after reports that China's sow herd was rebuilt to about 98.4% of pre-African swine fever levels. Analysts expect higher US pork supplies from August and a seasonal softening after July Fourth.
Technical traders see a possible market top, with August lean hogs seen at $110.00 to $116.25.
A rebuilt Chinese herd points to reduced import demand, while rising US hog supplies in late summer weigh on deferred futures. Feed buyers may see softer hog demand and lower soybean meal and corn pricing pressure.
thepigsite.comJim Wyckoff More from this authorJun 18, 2021Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Reports of China's sow herd near pre-ASF levels, expected higher US pork supply, and technical top calls fed bearish sentiment.
