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China's agriculture ministry cut its 2021/22 corn feed consumption forecast by 3 million tonnes to 187 million tonnes, citing low hog prices that curb expansion of production. It also lowered its 2020/21 feed and industrial corn use estimates by 2 million tonnes each due to elevated grain prices.
Lower Chinese feed corn demand reduces import needs and weighs on global corn prices, while substitution by wheat and rice in feed is further limiting corn usage.
brecorder.comReutersSep 14, 2021After 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 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 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.
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.
