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USDA's monthly cold storage report showed frozen pork stocks at 597.3 million lbs on Oct. 31, down 3% from a month earlier and above analysts' forecasts.
Frozen pork belly stocks rose sharply, and lean hog futures for December rose 3.5% to a two-week high.
Lower-than-expected pork inventories and slower packer kills support hog prices, though analysts worry that reduced slaughter could worsen the hog oversupply.
foxbusiness.comBenjamin ParkinNov 22, 2017After 100 past bullish report events, Lean Hogs moved a median -0.2% over 5 sessions (49% higher; middle half -1.9% to +2.0%), and -0.4% over 20.
After 268 past bullish report events, Live Cattle moved a median +0.3% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +1.7% 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.
