Soybeans have continued to push ever higher as concerns for South America persist.
Pushing up through 1500c$/Bsh May Chicago soybeans continue to break new contract highs.
With Soybeans pushed higher, Soy meal has also pushed higher. May Chicago soy meal made new contract highs today, pushing above 425$/sT. While meal broke contract highs, soy oil failed to push higher, but remains elevated.
With soybeans pushed higher to new contract highs, rapeseed has also been in the green today, although to a less impressive extent.
The harvest of soy in Brazil is now underway, and amid concerns for poor yields, keep a close eye on reducing yield and crop size estimates. The next WASDE is out on the 9th where crop production estimates are increasingly likely to be cut.
