Bean Meal Retraces Break Out but Momentum Points to Higher Prices

Soybean meal prices increased to the highest levels in more than 10-weeks as rain in the mid-west raised the potential for crop damage to recently planted crops. Parts of the mid-west received more than six times the normal rainfall in the week through Monday. Farmers are planting soybeans at the slowest pace seasonally in the last 20-years.  It appears that the El Nino…