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USDA's quarterly Hogs and Pigs report showed breeding herd and total inventory both up 3% from a year earlier, with the June 1 total at a record high. South Dakota's breeding herd rose 18%, which the source links to new packing plants.
A larger breeding herd points to more hogs ahead, adding supply pressure that is bearish for hog prices and related feed demand.
rrfn.comDon WickJun 29, 2018After 159 past bearish report events, Lean Hogs moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +1.0% 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.
