The Tuesday HOT TAKE

November 14

What’s HOT

Dec soybean meal remains on fire, notching new contract highs and new high settles for the second day in a row, today.

This is the highest front-month meal futures have traded since the May contract was in the 480s in mid-March - during the crux of Argentina’s 2022/23 soybean crop failure.

Meal’s bug moves continue to push oilshare to new lows. Dec oilshare closed at a new low of 35.45% yesterday, before rebounding slightly today as oil rallied 2.4%.

Soybean oil has been all but forgotten in recent days as meal has dominated the complex - but today’s bounce is worth noting.