Soybean Meal Is a Bright Spot in US Agriculture Outlook
Bank of America says it expects most agricultural commodities to perform weaker next month, with the exception of soybean meal, which it forecasts will deliver “positive returns” along with other commodities such as Brent crude, gasoline, sugar and copper. As other analysts have noted, soybean meal futures are in contango, meaning the product will be priced higher in the future than in the current spot market. The USDA announced a new term sale of soybean meal exports to the Philippines this morning, selling 135,000 metric tons of soybean meal and cake for delivery in the 2024/25 marketing year. Soybean meal futures fell 0.4%, while benchmark soybeans fell 0.3% in early trading on the CBOT.
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