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Russia has confirmed multiple HPAI outbreaks in poultry, spreading from Kursk oblast to Samara, Penza and Oryol, with more than 485,000 birds affected including two commercial farms. China also reported an outbreak on a farm in Qinghai province.
Russian losses of roughly half a million birds are modest, but they may tighten domestic poultry supply and lift import demand. Spread into commercial centers is the main risk to watch for poultry and feed demand.
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.