China has been ravaged by an outbreak of African swine flu recently. This could could force China to make concessions in its negotiations with the U.S., says Bank of America Merrill Lynch.
China's worsening African swine flu crisis could give the U.S. an edge over China as the two countries try to hammer out a trade agreement, an analyst at Bank of America Merrill Lynch said Tuesday.
This could lead to even higher hog prices, which are already putting pressure on the Chinese consumer and could force China to make concessions in its negotiations with the U.S., analyst Ross Gilardi wrote in a note to clients. Lean-hog futures have rallied 52.4% this year and are among the best-performing commodities of 2019. The only commodity outperforming lean hogs is RBOB gasoline, which is up about 60% year to date. Meanwhile, the S&P 500 is only up about 16.4% this year.
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