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China's 2017 pork output rose 0.8% from the previous year to 53.4 million tonnes, according to the National Statistics Bureau. Hog herds grew 0.4% to 433 million head, while a farm pollution crackdown closed many small farms and pushed up slaughter rates.
Higher domestic pork supply in the world's largest consumer market reduces import needs for meat and feed demand, which is mildly bearish for feed-grain and meal demand tied to hog production. Analysts had expected a larger figure after prices fell about 20% during the year.
reuters.comJan 18, 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 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), 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.
