# Futures and Spot Prices Both Fall to Historic Lows, Sow Deleveraging Accelerates: What Is Behind the Long Cycle Bottoming in Hog Markets?

> Live hog futures closed at a record low on November 3 at 9,150 yuan per tonne, and spot prices are near April's historic low. Sow herd data show breeding sows at 36.02 million head, down 10.7% year on year, and producers have lost money for about 14 months.

- Date: 2026-11-05 · published 2026-11-05T13:36:28.445Z
- Category: market · region China · magnitude low
- Page: https://feedsoft.ai/events/81847-futures-and-spot-prices-both-fall-to-historic-lows-sow-deleveraging-accelerates
- Commodities: [Lean Hogs](https://feedsoft.ai/c/HOGS.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Sow herd reduction should tighten pork supply about 10 months later, which points to a possible price recovery in early 2027. Near-term oversupply keeps hog prices weak, which lowers hog-sector demand for feed in the meantime.

## Read by commodity

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

## Sources

- xm.shandong.gov.cn: http://xm.shandong.gov.cn/art/2026/11/5/art_24614_10373095.html

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