# Soybean, Meal See Surge

> 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.

- Date: 2023-11-16 · published 2023-11-16T12:00:00.000Z
- Category: market · region US · magnitude medium
- Page: https://feedsoft.ai/events/33294-soybean-meal-see-surge
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

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.

## Read by commodity

- SBM: neutral
- SOY: neutral

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/blogs/fundamentally-speaking/blog-post/2023/11/16/soybean-meal-see-surge

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.