Chinese agricultural analysis firm JCI notes that the country’s major livestock production fell 10.2 percent last year (-21 percent for pork), and yet feed production was down just 4.4 percent. There are several factors behind these numbers including a ban on feeding slop to pigs, the increase in average slaughter weight, the rise in poultry production and animals slaughtered for disease control nonetheless were fed to some degree. However, the more notable observation going forward is the implication of these changes on future feed demand. China’s ban on low-grade feed is likely to continue, as is its conversion to industrial production methods. If China fattened livestock in a manner similar to the U.S., feed disappearance wo...