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China's agriculture ministry reports soybean meal use in animal feed fell 11% year on year in January to November 2023, to 4.44 million tons. The decline came as feed output rose 4%, reflecting a national policy to reduce soybean meal inclusion in feed.
A structural cut in soybean meal inclusion reduces China's import demand for soybeans and meal, which is bearish for global soy complex prices.
feedstrategy.comJackie LindenDec 29, 2023After 369 past bearish policy events, SOY moved a median -0.2% over 5 sessions (46% higher; middle half -1.7% to +1.8%), and +0.8% over 20.
After 223 past bearish policy events, SBM moved a median -0.3% over 5 sessions (45% higher; middle half -2.2% to +1.2%), and -0.6% 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.
