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Average soybean meal prices in Russia rose nearly 6% in a week to about 57 rubles per kilogram as the ruble weakened against the dollar. World soybean meal prices fell 9.5% over the same week to $403 per ton.
Currency depreciation lifts Russian domestic feed costs while the lower world price signals softer global meal demand, so the net effect on international prices is bearish.
tridge.comRosngAug 21, 2023After 117 past bearish macro events, Soybean Meal moved a median -0.6% over 5 sessions (41% higher; middle half -2.5% to +1.7%), and +0.5% 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.
