Live hog futures fell nearly 4%, hitting a new low on the market. When will the cold winter in the pig cycle end with simultaneous kills in the futures and spot markets?

Today, the domestic live pig market period and spot prices both weakened simultaneously. The main live pig futures contract fell nearly 4% in early trading, reaching a low of 9125 yuan/ton, a new low since the contract was listed. In terms of spot prices, the average price of large white pigs in the whole country also fell to around 9.0 yuan/kg in early trading, a drop of over 76% from the historical high in 2019, marking a low point in nearly 14 years.