Meal Prices Hold Support Confirming Break Out

Bean meal prices are attempting to form a bottom and break out above trend line resistance.  This comes despite stocks of U.S. soybeans that at the end of the current marketing year are expected to be at an eight year high. In addition, the current South American soybean harvest is estimated at a record 6.066 billion bushels, 378 million bushels larger than the 2014 harvest and 710 million bushels larger than the…