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USDA reported the number of US hogs on farms in the December-February quarter was up 3.1% year over year, a record for the quarter. Farmers expanded herds on cheaper feed and new packing plants, and analysts flagged trade war risk to pork exports.
A larger hog herd supports feed demand over time but keeps pork prices under pressure, and possible export losses to China add downside risk.
grainews.caGFM Network NewsMar 30, 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.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
