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Hog futures hit a year-low of 9,040 yuan/tonne intraday on November 5 and rebounded about 7.9% to around 9,725 yuan/tonne by November 11, while spot prices fell over the same period. The futures premium over spot widened to about 875 yuan/tonne as traders priced in a 2027 supply recovery.
Breeding sow numbers have fallen for 14 months, but high slaughter weights and frozen pork inventories are expected to keep prices range-bound in the near term.
Futures are pricing a 2027 supply cut while current supply stays heavy, so feed demand from hog producers stays weak through Q4. A range-bound hog market keeps feed buyers' demand for corn and meal under pressure in the near term.
news.10jqka.com.cnNov 12, 2026Not 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.
