
China's soybean imports fell 3.8 percent in 2021 as margins narrowed and demand weakened. Domestic hog prices plunged, lowering hog margins and downstream soymeal demand.
Farmers also replaced some corn with wheat in feed, cutting soymeal use further.
Lower Chinese import demand and weaker meal use reduce global soybean and soymeal demand and put downward pressure on prices. Weak hog margins may keep feed buying subdued.
After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 384 past bearish trade events, Soybean Meal moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% 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.