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March soybean meal set a new contract high on Jan. 13 but retreated, closing $5 lower on that day.
Momentum indicators show bearish divergence and funds hold a record net long position.
A record speculative long combined with overbought technicals raises the risk of a correction in meal futures, even though Argentina's drought supports demand for US meal; Brazil's record harvest and cheaper Brazilian meal cap upside.
dtnpf.comDana MantiniJan 17, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
