South American rain soybean meal drop drives soybean products lower

Introduction: on January 17, CBOT soybean futures fell moderately As the market thinks that the recent period price rise is too high and lacks follow-up power, there is a technical sell-off Soybean meal tail down of the price comparison pressure is to promote the decline of soybean The weather forecast for rain in southern Brazil and Argentina until January 25 further weakened the market Soybean meal futures closed lower, but support for exports, coupled with continued rumors that Argentina's business will move to the United States, limited losses Soybean oil futures were stable in most trading hours of the day, and soybean meal fell in late trading, resulting in arbitrage buying of soybean oil, and the market barely recovered its early losses The overnight drop in the world vegetable oil market also put pressure on the market, but the USDA weekly export report showed strong exports, which provided some support to the market and prevented the market from continuing to fall Soybean futures closed down $0.64 at $165.62 in March, $0.92 at $167.27 in May and $0.73 at $168.93 in July Soybean meal closed down $0.99 at $178.35 in March, $1.21 at $172.84 in May and $0.77 at $172.29 in July Soybean oil closed down $0.66 at $342.15 in March, flat at $347.44 in May and flat at $352.52 in July The main factor determining the market in the near future is the instability of the market prospect of Argentine soybean and bean products There is no new transaction because the current two track exchange rate system makes the price difference too large If this problem is not solved, a large number of businesses may turn to the United States However, when this problem is solved, there may be a large amount of closing positions, especially the soybean meal market bull may close positions (author:) share to feed Weibo share to: