China Hog Prices Down 30% to Low

China hog prices fell 30% YoY to below Rmb10/kg by end‑March, reaching a 15‑year low, per Macquarie.
Sow inventories stood at 39.58 million heads end‑January, down 2.6% YoY but 1.5% above normal, prompting NDRC reserve purchases.
Macquarie forecasts a profit turnaround in H2 2026 as sow numbers decline, while weak prices and feed inflation may spur consolidation.
US hog market shows 3% MoM and 8% YoY price rise, USDA expects 6.2% YoY increase in Q2 2026.