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Soybean meal futures on the CBOT posted a new high for the March contract as Argentine drought cut soybean production potential. The contract rose US$23 per short ton in the week and has gained more than 25% since Argentine planting began in November.
Argentina is a major meal exporter, so drought-driven supply losses lift global meal prices and raise feed protein costs for buyers.
grainbrokers.com.auFeb 14, 2023After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% 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.
