Lean Hogs Analysis: Higher Chinese pork imports bullish for LHOG

By IFCMarkets.com

Higher Chinese pork imports bullish for LHOG

Demand for protein in the world’s most populous nation is rising as evidenced by rising China imports of pork in July. China’s July pork imports more than doubled to 430,000 tons from a year earlier, hitting a record monthly volume according to customs data. On the other hand pork inventory in US cold storage facilities were 464.373 million pounds on June 30, down from 619.454 million a year earlier, according to US Department of Agriculture monthly report. The 25% decline in US pork inventories in twelve months was attributed to slowed plant production after outbreaks of the coronavirus among meatpacking workers. Higher demand and lower supply of pork is bullish for LHOG.

Summary of technical analysis

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