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China's agriculture ministry reported a summer grain harvest of 147.4 million tonnes, up 1.4 million tonnes year on year, with wheat at 135.7 million tonnes. Rapeseed output hit a record and soybean and oilseed area expanded, while pork output rose 8.2% in the first half.
A larger domestic grain and oilseed crop reduces China's import needs for wheat, corn and soybeans at the margin. Higher pork output also points to lower feed demand for imported meal in the near term.
chinadaily.com.cnZhao YimengJul 20, 2022After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
Not enough comparable past events yet for a historical read.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
