Soya meal is driving the soybean market and is up $ 8.00 / mt today. It is obvious that soybeans are struggling to go a lot higher, with US and world bean supplies still very ample. The unknown right now is how the Argentina crushers will fare in acquiring bean supplies to make up for the current crop losses. Probably from Brazil . Their meal crush is likely to be reduced, but probably not by nearly as much as the crop loss. Ag is down 7 mmt and Brazil is up 6 mmt based on yields estimates.
Soya meal market getting pretty stretched out now, but not easy to say where a top might be, with the market being run primarily by speculators now.
The Can $ is down to $ 78.125 and id definitely helping our prices.
New crop soybean contracts are at $ 425 / mt             FOB the GEC elevators at this time.
Price is subject to confirmation at time of call.