South Korea's chicken production is expected to fall 2.8% in 2021 to about 935,000 mt after a highly pathogenic avian influenza outbreak led to culling of 26 million chickens. Egg retail prices rose 45% from 2020 amid layer shortages, and broiler inventories are recovering with exports forecast to rise 57%.
Recovering Korean broiler supply and strong demand point to higher import needs for feed and poultry-related commodities, supporting corn and soymeal demand in the near term.
After 56 past bullish disease events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.5% to +1.6%), and +0.8% over 20.
After 67 past bullish disease events, Soybean Meal moved a median -0.2% over 5 sessions (46% higher; middle half -1.7% to +1.9%), and +0.4% 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.