Brian Grete

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Report showed All Hogs & Pigs above traders’ expectations.
Pork stocks declined from the month prior, while beef stocks rose.
Total hog inventory expected to be near year-ago levels.
Market reaction should be fairly muted.
Report reaction should be relatively limited.
Signals pork demand wasn’t as strong as expected, or supplies were higher.
Report not bullish, but not overly bearish, either.