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The FOB Paranagua soybean meal basis dropped to a discount of $3/st to CBOT January futures on November 17, the first front-month discount since June. The drop reflects a surge in CBOT meal prices, thin physical demand, and the start of Brazil's new soybean harvest.
Brazil expects to export 17.05 million mt of meal in 2021-22 per CONAB.
Weaker Brazilian meal premiums and harvest pressure make South American meal cheaper relative to CBOT, which can pull export demand away from US meal and cap further gains.
spglobal.comJose Roberto GomesNov 18, 2021Not 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.
