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“The soybean meal market is reflecting the change in forecasts in the Argentina weather,” Stewart-Peterson said. “The dry weather in Argentina has hurt crop potential in soybeans for the country, which is the world’s largest export of the animal feed. Recently, rainfall chances have been increasing, and the market is starting to feel that the crop in Argentina could be stabilizing.”
“The Ag markets were on the defensive from beneficial rain events in Argentina over the weekend,” Ami Heesch, with CHS Hedging, said. “There was a bout of technical selling noted in the markets. Oil markets see strength from optimism of increased Chinese demand for oil after lifting their strict COVID restrictions and folks are moving about.”
