high
high
Brazil/Argentina soybean drought
high
US summer drought (soybean crop)
high
Chinese hog cycle downturn
moderate
EU Protein Deficit Structural Demand
moderate
US Renewable Diesel boom = excess meal byproduct
moderate
SE Asia poultry/aqua expansion (positive demand)
moderate
Competing meal substitution
moderate
Aflatoxin / mycotoxin contamination
moderate
EU GMO labeling and feed safety regulations
moderate