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USDA's FAS attaché report forecasts China's 2024/25 feed demand at 286.5 million tons, with corn dominating feed use due to low prices. Corn output is seen at 293 million tons, slightly lower on floods, and corn imports are projected to fall to 20 million tons.
Lower Chinese corn imports and strong feed substitution toward corn reduce global import demand for corn, sorghum and barley, which is bearish for those feed grains.
fas.usda.govOct 2, 2024After 1,102 past bearish report events, CORN moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
