As we say goodbye to October, colder weather is setting in just as the markets could be warming up. More than a few analysts are pointing to soy meal as a driver of the sustained rally we’ve seen in the grain markets recently, but the move is now beyond “rational levels”. With an increase in price of 30% in just one month to almost $400 per short ton, supply and demand factors don’t really justify the current levels (i.e. the fundamental glove doesn’t fit). Combined with precariously tight ending stocks, the behind-schedule U.S. soybean harvest has created problems for some…
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