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Lean hog prices fell to a 20-month low near 50 cents per pound as U.S. trade delegations made little progress with China and Mexico, the two largest buyers of U.S. pork. Corn also dropped below $3.50 per bushel on a large crop tour estimate, and farmers await details of the $12 billion trade aid package.
Lack of export demand for U.S. pork and large pork belly stocks weigh on hog prices and reduce feed demand, while a projected large corn harvest adds to bearish feed grain pressure.
news-journal.comWalt Breitinger, Alex BreitingerSpecial to the News-JournalAug 25, 2018After 123 past bearish trade events, HOGS moved a median -0.4% over 5 sessions (43% higher; middle half -2.9% to +2.0%), and -0.2% over 20.
After 683 past bearish trade events, CORN moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
After 696 past bullish trade events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% 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.
