Corn and Soybean Futures Rally to Fresh Highs

Soybean futures jumped sharply on Tuesday, with the benchmark contract setting fresh life-of-contract highs. Once again, bull spreading, especially July-November, lifted nearby contracts more than deferred. Nearby futures rose more than three percent (March contract +38 3/4 cents per bushel) as the Argentine port strike continues to add to the gains from falling expectations of South American production. Talks to resolve the strike resumed on Tuesday, but there were no announcements of a resolution to the strike, which has dragged on since December 9 and delayed the loading of more than 160 ships. The strike also lent support to soybean meal futures, which gained nearly three percent (March contract +$11.60 per ton). Soybean meal futures also benefited from light liquidation of long oil share positions by funds. However, technically-driven selling in the…