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CoBank projects a 12% rise in US animal protein feed costs for 2021, with hog producers facing the steepest inflation in early 2021. USDA expects US corn exports to rise to 24% of the crop from 15% a year earlier, driven by China's record feed imports.
Strong Chinese feed demand and expanding US corn export share point to firmer corn and soymeal prices, which will squeeze livestock margins through 2021.
dtnpf.comDec 21, 2020After 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 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), 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.
Not enough comparable past events yet for a historical read.
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.
