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Hogs and Muyuan

Cost and cash decide who survives the trough

Bars and thesis cards. Start with the cost cushion, then what is new in this cycle and why slaughter share still rises.

Read hogs through three questions

  1. Did the cycle’s rules change: are swings institutionally capped.
  2. Who survives the trough: full cost versus cash cost.
  3. Why share still rises: efficiency competition replaces capital races.

Updated 2026-06-30 · Research notes, not investment advice.

  1. 1. Muyuan: full cost about 11.6, cash cost about 10Bar
  2. 2. What is new in this hog cycleThesis cards
  3. 3. Why slaughter share keeps risingBar
  4. 4. Policy: institutional swing compressionThesis cards