Bean Meal Drops on Higher Expected Supplies from South America

Bean meal prices sank after good rains doused Argentina over the weekend, driving soybeans lower and relieving dryness there with more precipitation on the way. Soybean prices lead the declines, pressured by forecasts for up to 2 more inches of rain in Argentina. That should reduce dryness to about 25% or less of Argentina’s corn and soybean growing regions, leaving plenty of acres where crops could…