Soybean and soybean meal values moved sharply lower last week, falling seven percent and nine percent respectively on the CME. Soybean values fell quickly from their recent highs, giving back two weeks of price gain as improved weather conditions in South America are causing traders to factor in better production forecasts. The stocks to use ratio remains low and should underpin prices to a certain extent moving forward. Prices are rebounding on Monday and volatility will likely continue as the Brazil harvest moves forward. Speculators reduced their long exposure with money managers selling over 14,000 long soybean contracts. Net overall long holdings were reduced nine percent.
Corn values also reversed course last week, falling six percent for both the March and May futures contract. Despite some bullish price news,…
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