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South American FOB soybean meal basis levels hit record highs in September, with Argentina's Up River basis at plus $35/st and Brazil's Paranagua at plus $49/st over CBOT futures. Firm Indian demand for GM soybean meal and Hurricane Ida's effects on US Gulf export facilities drove the rise.
Record South American meal premiums signal tight export availability and higher landed costs for importers, supporting soymeal prices globally.
spglobal.comSep 23, 2021Not 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.
