Soybean and soybean meal values continued to move higher on a weekly basis last week, rising five percent and three percent for their respective futures contracts on the CME. The soybean complex is trading at its highest level since 2014. Weather concerns in South America and strong demand in the export market have helped to buoy prices. Argentina has settled its oilseed workers’ strike and last week US soybean exports were well below expectations. However, a reported large sale to China in recent days has offset some concern about the possibility of slowing exports. Speculators reduced their long exposure on the heels of the strike settlement in Argentina, as managed money sold over 20,000 long contracts and added 624 short positions. Soybean and soybean meal prices are moving lower to start the week.
Corn prices also continued to…
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