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Dalian soybean meal prices have begun to react to Argentine heat and drought, with the recent rally reaching its highest weekly close in a year. The technical analyst sees bullish momentum building despite overbought RSI readings and expects a burst higher toward 3,400 to 3,600 yuan per tonne.
Chart-based bullish outlook on Dalian meal reflects drought-driven supply concerns, implying further upside in Asian meal prices if momentum continues.
scmp.comNicole ElliottMar 7, 2018Not 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.
