Soybean Meal Falls on Oil Share Spreading by Funds

Most feed and grain contracts were lower on Monday despite relatively bullish export inspection data. Improving South American weather conditions weighed on oilseed and grain contracts, while long oil share spreading by funds drove soybean meal futures sharply lower. Outside of late growing season weather in South America, traders are also looking forward to the United States Department of Agriculture’s (USDA’s) Prospective Plantings report, scheduled for release next week.

USDA reported export inspections for the week ending March 18 on Monday. Weekly shipments of corn totaled 1.96 million tonnes, in line with analysts’ expectations ranging from 1.6 to 2.2 million tonnes. The total was down from 2.27 million tonnes last week, which was a marketing-year high, suggesting that the U.S. corn export season peak may have…