# Jiajia Focus: Hog prices keep hitting new lows, how far is the cycle's 'dawn'?

> 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.

- Date: 2026-11-04 · published 2026-11-04T12:14:38.809Z
- Category: market · region China · magnitude low
- Page: https://feedsoft.ai/events/79699-jiajia-focus-hog-prices-keep-hitting-new-lows-how-far-is-the-cycle-s-dawn
- Commodities: [Lean Hogs](https://feedsoft.ai/c/HOGS.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

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.

## Read by commodity

- SBM: neutral
- CORN: neutral
- HOGS: bearish ▼

## Sources

- cccbn.com: http://www.cccbn.com/contents/4/32892.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.