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Hog futures closed at a record low on November 3 at 9,150 yuan/t, and spot prices are approaching April's low. Official data show the sow herd at 36.02 million head at the end of Q3, down 10.7% year on year.
Analysts expect the sow herd cuts to reduce slaughter supply from around August 2026 and see seasonal curing demand supporting prices in late November.
Hog losses and sow cuts point to lower future hog output, which would reduce feed demand and eventually support feed ingredient prices. Near-term oversupply keeps pressure on meal and corn demand.
cccbn.com# 新闻聚焦Nov 4, 2026Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
