# March Soybean Meal Posts Reversal, Threatens Large Spec Position

> March soybean meal made a new contract high of $487.00 on Jan. 18 but closed the week of Jan. 20 at $463.70, forming a weekly bearish outside reversal. Noncommercial net longs reached their highest in four years, and March soybean oil fell to 61.97 cents.

- Date: 2023-01-23 · published 2023-01-23T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/37859-march-soybean-meal-posts-reversal-threatens-large-spec-position
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

The reversal and large speculative long create liquidation risk for soymeal and soyoil, while Argentine rain and Brazil's harvest ramp-up reduce the drought premium that supported prices.

## Read by commodity

- SBM: bearish ▼
- SBO: bearish ▼

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/blogs/technically-speaking/blog-post/2023/01/23/march-soybean-meal-posts-reversal

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