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Soybean crush levels rose substantially over recent months as strong crush margins developed. The increase was attributed to rapid growth in soybean meal prices, which was driven by production problems in Argentina.
USDA projected the 2017/18 domestic crush at 1.97 billion bushels, up 3.6% from the prior year.
Strong crushing raises output of soybean meal, the main protein feed ingredient, so meal supply grows even as meal prices are supported by Argentine shortfalls. Buyers should watch whether meal use keeps pace with the crush projection.
doi.orgTodd Hubbs, Hubbs, ToddJan 1, 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.
