China's feed demand has fallen two years in a row. Importing 11 to 13 times soy than corn, the former will be impacted far more strongly than the latter. Coming at a time of year when overly optimistic crop estimates frequently pull down prices, the USDA's April WASDE was unusual, pulling both corn and soy inventories to levels that provide price support.
How and why the golden grain is 25% more costly than was predicted six months ago. Corn has done it again. Back in 2010, analysts predicted CBOT corn would not go above US$4.50 for four to five years. Instead, it broke the US$5.00/bushel barrier within a few months.