Organic soybean meal prices remain stubbornly high, but there does not appear to be any relief in sight. Merchandiser tells Fastmarkets/The Jacobsen that prices are offered between $1,600 and $1,700 a short ton. Organic soybean meal prices FOB India are quoted between $1,1010 and $1,050. Merchandisers also quoted organic soybean meals for new-crop at $1,400 per short ton. This price seems reasonable given the unknown regarding transportation and supply and the inversion of the conventional curve.

Today, the board prices were on fire, with soybean meal driving prices lifting the entire complex. Our analysts at Agricensus point to the weather in South America as the catalyst. When we check the Commitment of Traders report, it does not appear that managed money is offside. Last week, managed money added 10K long futures and options positions in soybeans and reduced short positions in futures and options by 5K contracts. Managed money with long futures and options…