Rain has become a problem since the start of the wheat harvest in Hubei. In 2023, there was widespread rain in the wheat belt that led to sprouting and poor quality. Although this was very bad for the farmers, there was a strong market for this wheat to flow into feed channels.
During the 2023 harvest, hog prices were 50% higher than they are now, and corn was 15% higher. Damaged or sprouted wheat was significantly cheaper, and traders made money in this trade.
With lower prices this year, the m...