Lean Hogs Analysis: Rising Chinese pork imports bullish for LHOG

By IFCMarkets

Rising Chinese pork imports bullish for LHOG

China’s imports of pork are on the rise. Its January to June imports of pork were at 2.12 million tons in the first six months of the year, up 140% over the same period a year ago, according to China’s General Administration of Customs. China is the second largest pork importing country in the world after Japan, accounting for $4.5 billion (14.1%) of total imported pork in the world in 2019. Rising Chinese pork imports are bullish for LHOG. However China has started testing containers of frozen food for the presence of the coronavirus, and additional testing will negatively affect its meat imports. Likely drop in Chinese pork imports due to testing requirement is a downside risk for LHOG.

Summary of technical analysis

Market Analysis provided by IFCMarkets