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Soybean meal futures rallied more than $110 per ton over five weeks, a contra-seasonal move, before showing signs of a pullback as the market looked overbought. Drivers included drought cutting Argentine supply, dry weather in northern Brazil, firm US cash supplies, and heavy fund buying.
US soymeal export sales were the second highest ever for this point in the marketing year.
Tight South American supply and strong US export demand support meal prices, but the technical overbought condition makes a near-term correction likely. Feed buyers should expect volatility.
dtnpf.comJoel KarlinNov 16, 2023Not 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.
