hog futures fall daily limit as China rebuilds its herd
Chicago Mercantile Exchange (CME) lean hog futures fell their daily 3-cent limit on Wednesday, pressured by falling U.S. wholesale prices for pork products and news of increasing hog numbers in China, traders said.
China’s pig herd rose 23.5% in May from a year earlier, state media said on Wednesday, citing the Ministry of Agriculture and Rural Affairs.
CME hog futures tumbled as the figures raised questions about export demand from China, which has been a key buyer of U.S. pork since its herd, the world’s largest, was decimated by the deadly African swine fever virus. China’s herd plunged 40% in 2019, official data showed. More recently, as animal numbers rebound, live hog prices in China have fallen.
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