Loading…
August soybean meal futures rallied $85 per short ton as the contract entered delivery and caught up with higher physical prices. US crush expansion has been absorbed domestically, while Brazil has supplied much of the growth in global meal exports.
Limited US meal exports and Argentine shortfalls keep global meal supplies tight, supporting prices for feed buyers. Stronger European import demand could add to that pull.
czapp.comWalter CroninAug 5, 2022After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% 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.
The $85 delivery rally in August meal futures lifted the front-month price artificially, setting up a sharp reversal once the contract rolled off.
