Organic soybean meal trading activity appears slow, but this has not stopped the steady flow of imports entering the United States. While we believe prices are closer to the bottom than the top, we can see prices staying near current levels for some time. We do not anticipate a significant uptick in demand, and “higher for longer” interest rates keep liquidity out of the discretionary market.

The wildcard remains the SOE, generating a supply chain disruption, which could generate temporary price volatility, but weather always has the potential to upset markets as planting season arrives.

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