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Soybean meal rose about 1.15% in overnight trade, extending its lead to the upside and climbing from $300 to $379 per ton since early October. The soybean meal spread inverted, and cash meal prices reached $399.8 per ton the previous day amid strong exports and a slow harvest.
Rain forecasts for Brazil and Argentina were also noted.
An inverted meal spread signals nearby supply tightness for December delivery, which supports higher cash meal prices. Feed buyers face firmer meal costs unless South American rains and farmer selling ease the squeeze.
feedandgrain.comCody BillsOct 2, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
