# Why did the biggest pig giants still suffer huge losses despite hedging?

> Muyuan and other listed hog producers reported large losses in the first three quarters of 2026, with 23 listed companies posting combined net losses of 25.74 billion yuan. Hedging with futures offset part of the price risk, but futures gains did not cover losses in core hog operations. The article notes that Muyuan's hedging capacity is hard to measure from disclosed margin figures.

- Date: 2026-11-04 · published 2026-11-04T12:14:38.888Z
- Category: market · region China · magnitude low
- Page: https://feedsoft.ai/events/79700-why-did-the-biggest-pig-giants-still-suffer-huge-losses-despite-hedging
- Commodities: [Lean Hogs](https://feedsoft.ai/c/HOGS.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Heavy hog-producer losses signal reduced herd rebuilding and lower future feed demand, which is bearish for feed ingredients. Limited hedge coverage shows futures gains cannot fully offset the sector's cash losses.

## Read by commodity

- CORN: neutral
- HOGS: bearish ▼

## Sources

- tmtpost.com: https://www.tmtpost.com/8192542.html

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