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Soybean meal has rallied over $70 per ton on fund buying and Argentine drought, while soybean oil has fallen to its lowest March 2018 contract level since July 2016. Soymeal now accounts for 71% of combined crush value, above the two-standard-deviation band.
The divergence between meal and oil shows the crush margin is skewed toward meal, which can encourage crushers to maximize meal output and weigh on oil prices. The loss of the biodiesel blenders credit for 2018 is cited as a drag on soybean oil.
dtnpf.comJoel KarlinFeb 22, 2018Not 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.
