
China's industrial feed output rose 2.2% year on year to 32.05 million tonnes in September. Growth came from compound feed, while concentrate and premix output declined.
Corn and soybean meal shares in feed formulas continued to fall.
Falling corn and soybean meal shares in feed formulas reduce China's demand for these grains and meals, which is bearish for prices. Total feed output growth supports demand for other feed ingredients.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.