
A USDA GAIN report forecasts China's feed demand rising 15.6 million tonnes to 249.9 million tonnes in 2020-21 as the swine herd rebuilds after African swine fever. China is expected to import 22 million tonnes of corn to restock reserves, and some feed mills are substituting 15% to 30% of wheat for corn.
Higher Chinese feed demand and corn imports support global corn and feed grain prices, while wheat substitution in feed adds support for wheat demand.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.