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US livestock producers are substituting bakery rolls, outdated pet food and South American crops for corn after spring planting delays pushed corn to a five-year high in July. Meat and dairy producers are seeking cheaper feed to offset higher costs.
Demand for alternative feedstuffs rises as corn is expensive, which can lift prices for substitutes such as soybean meal and other byproducts. Weak expected fall yields from flooding keep corn supported.
reuters.comTom PolansekAug 2, 2019After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
