The Philippine Department of Agriculture said lower feed costs would protect hog raisers from low farmgate prices after the government raised the country's corn import quota. The department noted that feed makes up roughly 50% to 60% of poultry and hog production costs, with corn accounting for 50% to 65% of feed costs.
A higher corn import quota in the Philippines adds import demand for corn and eases domestic feed costs, supporting hog and poultry margins.
After 318 past bullish policy events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), and -0.2% over 20.
After 37 past bullish policy events, Lean Hogs moved a median +0.0% over 5 sessions (51% higher; middle half -2.8% to +0.9%), and +0.2% 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.