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The average hog sale price fell to 8.64 yuan/kg, a year low, and the hog-to-grain ratio dropped to 3.62, below the 5:1 first-level warning line. National breeding sow inventory fell 4.7% quarter-on-quarter and 10.7% year-on-year to 36.02 million head at end-Q3 2026.
Producers' losses are deepening, and analysts expect capacity cuts to push prices higher in 2027.
Deep losses are forcing faster sow culling, which should cut hog supply and meal demand later, but high inventories keep near-term prices weak. For feed buyers, lower hog numbers point to softer feed demand into 2027.
nbd.com.cnNov 13, 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.
