Meal Prices Feel the Pinch of a Stronger Dollar

Meal prices continue to trade under pressure, pertetuating the downtrend that appears to have been in place since July of 2015.  Resistance on meal is seen near the 20-day moving average at 266, while support is seen near the February lows at 260.  Demand has been somewhat reduced by a strong dollar which continues to weigh on commodity prices.  Hedge fund managers reduced short positions in futures and options but they…