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Article: Ingredients take a dive.(Grains And Ingredients)(soybean products)
- Article from:
- Feedstuffs
- Article date:
- August 16, 2004
- Author:
CopyrightCOPYRIGHT 2004 Miller Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The soybean rally temporarily halted the downward spiral of soybean meal. In some areas, cash soybean meal pushed upward $20; in other areas, it declined $10 or more.
"Whenever you get up to $300, it's only a matter of time until it goes down," a trader said. "I think now the fair value of meal may get down to $150. I don't think we're done on the downside."
For the week, August soybean meal futures increased $4 per ton from Monday's opening of $191 to Thursday's close of $195.
The recent dive taken by soybean meal continues to spill over to animal proteins. "It's still trying to catch up with the soybean board," a trader said. "The board fell ...