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Article: Meal markets back off.(Grains/Ingredients)
- Article from:
- Feedstuffs
- Article date:
- January 9, 2006
- Author:
CopyrightCOPYRIGHT 2006 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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TALK of bird flu entered sttae soybean pit again week, following news of related deaths in Turkey (story, p. 5).
Renewed concerns that the disease will lead to reduced demand for soybean meal combined with a good chance for rain in the dry parts of Argentina and Brazil pushed speculators to sell and take profits.
The round of profit taking only knocked off the runup from last Tuesday, so the March soybean contract closed at $6.1850 last Thursday, nearly unchanged from Tuesday's open. May soybeans closed at $6.2750.
Most analysts expect bearish news in this week's crop production report, with a chance that ending stocks will approach a record.
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