Global pig outlook: Lean hog futures bulls still see some progress

April lean hog futures prices have backed down from the January high, but that’s just a normal corrective pullback from recent good gains. In fact, recent price action on the daily chart shows a bullish flag or pennant pattern has formed. The latest CME lean hog index is up another 49 cents to $67.34 (as of Jan. 16), marking the sixth gain in the last seven days. The index appears to have put in a seasonal low, posted at the beginning of January. Wholesale pork prices continue to show strength, which is impressive given the increase in supplies following last week’s winter storm. China imported 90,000 MT of pork during December, unchanged from November but 54.3% less than last year. For 2023, China imported 1.55 MMT of pork, down 11.7% from the previous year. China produced a record 57.94 MMT of pork in 2023, official data showed, after farmers ramped up slaughter during the last quarter to cut losses amid an oversupply of pigs. Annual pork output expanded 4.6% from the previous ...