
Live hog prices in China fell about 30 percent in the first quarter, one of the steepest declines on record, after new large farms boosted production. Official data showed hog slaughter rose 1.9 percent to 199.8 million head while the total herd fell 1.2 percent to 415.2 million.
Heavier slaughter and falling prices point to weaker China hog margins and possibly more sow culling, which lowers pork prices and may trim near-term soymeal demand from hog feeders.
After 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.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), 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.