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A USDA GAIN report forecasts headwinds for China's economy through 2024, with beef imports expected to decline on flat demand. Pork production is forecast to fall 1% in 2024 to 55.95 million tons, while cattle imports are expected to rise to 250,000 head.
Weaker Chinese meat demand and lower beef and pork import projections reduce global protein demand, which is mildly bearish for feed grains and meal used by Chinese livestock.
ukragroconsult.comSep 6, 2023After 159 past bearish report events, Lean Hogs moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +1.0% over 20.
After 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.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
