
Chinese feed mills are cutting corn use as wheat, barley and sorghum gain share in rations, according to USDA's Beijing office. The breeding sow herd fell 6.5% year on year to 37.8 million head at the end of the second quarter.
Substitution away from corn reduces China's import demand for US corn unless US prices become more competitive, weighing on corn export prices.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
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.