An uninterrupted growth since early February has brought nearby soya meai futures on the CBOT to the highest level since July 2016 to account for smaller than expected production and exports of soya meal from Argentina. On Febr 13 May futures already closed above July futures and we do not exclude that the March position may soon also develop a premium over the May position if supplies in the nearby will continue to fall short of demand, primarily in Argentina. On Febr 15 Argentine export prices of soya meal were quoted at US-$ 419, up US-$ 76 or 22% from a month and US-$ 59 or 16% from a year before.
展开▼
