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South Korea approved 470,000 tonnes (milled basis) of rice for feed use in 2017, more than five times the 2016 quantity. USDA FAS cut its forecast for Korean feed wheat consumption and imports because feed corn is more price competitive.
Rice substituting for feed grains tightens rice supplies and lowers demand for feed wheat, which weighs on wheat prices.
world-grain.comHolly Demaree-SaddlerFeb 7, 2017After 168 past bullish policy events, RICE moved a median +0.8% over 5 sessions (57% higher; middle half -1.7% to +2.1%), and -0.4% over 20.
After 122 past bearish policy events, WHEAT moved a median -0.3% over 5 sessions (44% higher; middle half -1.9% to +1.2%), 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.
