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DTN reports that soybean meal set new contract highs on heavy volume as US exports rival Argentina's, which has been limited by last year's drought. December corn fell back toward $4.75 support, and the soymeal-to-corn ratio rose from 2.09 to 2.51.
Strong US meal export demand is supporting meal prices against corn, which faces pressure from talk of higher USDA yields and weaker export sales.
dtnpf.comJoel KarlinOct 27, 2023After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
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.
