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Nov. 6, 2019, 12:41 p.m. EST

Lean hog futures drop by nearly 4% as China reportedly reaches a deal to buy pork from Denmark

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By Myra P. Saefong

Lean hog futures dropped on Wednesday, pressured as Reuters reported that China's state-owned agriculture conglomerate COFCO has reached a deal to buy $100 million of pork next year from European pork producer Danish Crown. China has faced a shortage of pork as African swine fever has decimated its pig herds. China made the purchase with the "expressed rationale of diversifying their pork suppliers around the globe," according to report Wednesday from Zaner Group LLC, The report said the move is a "blow to American suppliers." December lean hogs fell 2.7 cents, or 3.9%, to 64.63 cents a pound.

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