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USDA's Foreign Agricultural Service says China's feed demand is down because of African Swine Fever, but the decline is smaller than expected. Feed use is forecast down only about 1% (5 million tons) this marketing year, offset by growth in poultry, egg and fish feed.
Sow inventories posted their first uptick since April 2018 in November.
A smaller-than-feared drop in Chinese feed demand supports soybean meal and corn usage outlooks, limiting downside pressure on feed ingredient prices.
brownfieldagnews.comTom SteeverMar 11, 2020After 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 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.
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.
