Soybean meal still leads

Corn was off slightly yesterday but soybeans added another 13 cents and are back near 12.60 a bushel. Soybean meal futures have been in a short squeeze and has rallied $40 in a week. The soybean meal contract has been the short leg in the crush spread for a long time and has turned over and caught traders off guard. They were planning for December meal to expire below $350 per ton. For corn there is some negative news on the export market with rumors China bought a slug of corn from Ukraine that was priced higher than US corn. Some are saying China does not like the mandatory reporting of large sales to the USDA that can push prices higher. This may just be noise considering the flash sales are reported after the fact and the big exporters are the ones that know first and will be the driving force on price action. Dollar index is moving higher again this morning closing in on 96.00. NFC Grain Comments 11.16.21 (1)