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CME soybean crush margins have averaged $0.86 per bushel so far in 2024, far below 2023's $1.77 average and 2022's record $2.05. Nearby soybean oil is near its lowest since February 2021, and soybean meal is at its lowest since November 2021 as Argentina's crop nearly doubles.
Weak product values and expanding Argentine meal supply cap soybean meal export prices and reduce crush demand for soybeans.
dtnpf.comJoel KarlinApr 26, 2024Not enough comparable past events yet for a historical read.
Not 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.
Weak crush margins and soyoil near its lowest since 2021 on large Argentine supply set a bearish backdrop and sentiment ahead of the drop.
