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Soybean Meal Continues Higher in the Overnight

The grains traded higher in the overnight again, led higher by continued strength out of soybean meal.

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In the overnight session the grain inched higher with corn up 2 ¾ cents, soybeans up 5 ½ cents and wheat up 4 ¼ cents going into the pause in trade this morning.

Brazil’s key growing states are expected to receive much needed precipitation Thursday through next Tuesday. Mato Grasso was well behind normal rain fall totals in recent weeks but the upcoming rain event is expected to mitigate dry conditions. Argentina is also expected to receive rain in the coming week, with most rain events likely today and into the weekend. South American growing conditions will begin to be a larger focus for traders as this year’s U.S. crop is put into the bin.

Soybean meal is trading higher this morning, up another 1.15% going into the morning pause. Soybean Meal has been the leader to the upside since the beginning of October increasing from $300 per ton to $379 per ton this morning. The soybean meal spread has inverted since October 1st showing that supply concerns for soybean meal delivered in December has become a big concern. Prices for soybean meal have traded as high as $399.8 per ton yesterday as strong meal exports combined with the slower than normal harvest, rail issues and less active farmer selling has slowed pressured the cash soybean meal market domestically.

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