Breeding Sow Inventory Declines Month on Month for 14 Consecutive Months, Capacity Reduction Exceeds Expectations

After 100 past bullish report events, Lean Hogs moved a median -0.2% over 5 sessions (49% higher; middle half -1.9% to +2.0%), and -0.4% over 20.

• May 27, 2021USDA reports second largest inventory of cattle on feed since 1996+2.4%
• Oct 24, 2022Chinese farmers reduce breeding herds | The Pig Site-1.9%
• Jun 30, 2017Hog Futures Extend Rally After Inventory Report | Fox Business+1.5%
• Jun 25, 2021Latest Hogs and Pigs report shows a decline in farrowing intentions - Brownfield Ag News+2.6%
• Mar 18, 2025China's pig production expected to grow marginally in 2025-1.6%

After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.

• Dec 11, 2018USDA Raises Corn Inventories Outlook Beyond Expectations+0.4%
• Oct 9, 2025Expana lifts EU cereal forecasts, maize exceeds expectations | Reuters-0.9%
• Oct 28, 2026Corn Soybean Prices Dip as US Harvest Exceeds Expectations | Feed Strategy-0.5%
• Jun 9, 2023Corn and soy export expectations drop in Friday's WASDE report+4.4%
• Sep 1, 2017Report: ethanol consolidation likely as margins decline. - Free Online Library-0.4%

After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.

• Mar 21, 2024Rapid expansion of soybean crush capacity risks exceeding growth of renewable diesel | CoBank | Cooperative. Connected. Committed.-1.4%
• Oct 28, 2026Corn Soybean Prices Dip as US Harvest Exceeds Expectations | Feed Strategy-3.8%
• Oct 2, 2017Early soybean yield reports come in above expectations+1.1%
• Nov 30, 2021Falling demand for soybean meal expected in EU — Latifundist.com+2.7%
• Sep 10, 2021USDA raises corn and soy yield forecasts, pushing down price expectations | 2021-09-10 | Agri-Pulse Communications, Inc.+1.7%