Soybean meal is running hot partly because Argy is also running hot!

Corn is struggling here around the 6.35 area and needs buyers to find value here or the next level for support is 6.22 then 6.18. Soybeans have been trading better with the spike in soybean meal and this spike has 2 drivers. There is a big unwinding of a long bean oil short bean meal spread that was bullish biofuels and the EPA proposal spooked funds out of that trade. Pair that with the leading bean meal exporter currently burning up with triple-digit temperatures and very dry soil. The USDA will likely drop Argy production for both soybeans and corn a little on Friday to reflect these problems. Some private entities in Argentina are as low as 42 MMT for soybean production. For today, we will watch 6.35 & 14.35 for support and 6.55 & 14.75 for resistance. NFC Grain Comments Options -12.7.22 (1)

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