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Rabobank's Q3 Poultry Report expects the poultry industry to recover slowly from the early-2020 pandemic slump, with demand improving in the second half. It warns that volatility will persist, that exchange-rate swings may distort trade, and that feed prices are relatively bearish.
A bearish feed price outlook supports producer margins, but uneven poultry demand and currency-driven trade swings limit feed ingredient demand. Buyers should expect cheap feed to persist alongside volatile poultry trade.
meatpoultry.comRyan McCarthyJul 8, 2020Not enough comparable past events yet for a historical read.
After 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 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), 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.
