Chinese officials push back on falling hog prices. December 21, 2022
Chinese authorities have called a meeting among hog market participants with an unstated goal to stop recent hog/pork price declines. This news more than offset the trade's prior concern on weather related slaughter disruptions. On the chart side today's trade posted an Outside Day closing higher. We now have a Head & Shoulders bottom as well as an intra-day gap waiting at much higher prices. Allendale now calls a low for winter hog futures.
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