# Soybeans rise to 6-week high amid strong demand for US soymeal - Markets - Business Recorder

> Chicago soybean futures rose to a six-week high on Monday as speculators bet on higher prices amid strong demand for US beans and soymeal. CBOT December soymeal gained about 15% in October after reaching a contract high on Friday. US soymeal exports are heading for new highs after a poor Argentine harvest.

- Date: 2023-10-30 · published 2023-10-30T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/33652-soybeans-rise-to-6-week-high-amid-strong-demand-for-us-soymeal-markets-business
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Tight Argentine meal supplies are lifting global soymeal prices, which feeds directly into feed costs for livestock and poultry buyers. Strong meal demand is pulling soybean futures higher.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bearish ▼

## Sources

- brecorder.com: https://www.brecorder.com/news/40270687

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