China's hog prices kept falling in October, from 10.2 yuan/kg at the start of the month to 9.1 yuan/kg on October 29, a drop of about 10.8%. Average slaughter weights rose to 125.0 kg, about 1.2 kg above the start of October, so supply kept growing even as prices fell.
Frozen pork inventories remained high year on year, and the fat-lean hog price spread narrowed.
Heavier hogs and high frozen-pork stocks add supply just as seasonal demand should lift prices, so the pressure on hog prices persists. Weaker hog prices reduce farmers' margins for feed purchases, which weighs on demand for feed ingredients.
Not enough comparable past events yet for a historical read.
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.