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China's official manufacturing PMI slipped to a five-month low in July as factories faced falling new orders and weak prices. Factory gate prices fell at their worst pace in 13 months and employment remained in contraction.
Analysts doubted that measures to support household consumption would meaningfully help.
Weak Chinese industrial activity signals softer demand for feed ingredients and livestock products, which pressures meal and grain prices, while the slowdown reduces the case for stronger hog and poultry feed usage.
reuters.comJoe CashJul 31, 2024After 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.
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 159 past bearish report events, Lean Hogs moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), 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.
