# Soybean Meal Showing Signs of a Tired Rally?

> 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.

- Date: 2023-01-17 · published 2023-01-17T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/37858-soybean-meal-showing-signs-of-a-tired-rally
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

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.

## Read by commodity

- SBM: bearish ▼
- SOY: neutral

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/article/2023/01/17/soybean-meal-showing-signs-tired

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