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Soymeal futures rose for a sixth straight session while soybean oil lost more than 10% in a few days as a spread trade unwound. Ag Resources analyst Dan Basse links the spread move to renewable diesel demand and to dryness in Argentina.
Corn and Chicago wheat futures also slipped.
Meal strength reflects Argentine supply concerns, while the oil selloff shows the renewable diesel trade is volatile. Feed buyers should expect meal to stay firm while oil swings.
farmweeknow.comDELOSS JAHNKEDec 7, 2022Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
