Canada Markets Blog
Cliff Jamieson Canadian Grains Analyst
Tue Feb 11, 2014 05:00 PM CST

While market watchers may have been disappointed with Monday's USDA report which left soybean ending stocks unchanged at 150 mb from the January report despite the average pre-report trade estimate from Dow Jones which suggested a tighter level of stocks, the soymeal trade continues to reflect an increasingly bullish situation.

Tuesday's trade in the March contract saw a new contract high reached of $451.10 before ending the day at $449.20/ton, up $5.20/ton. As seen on the attached continuous chart, this is a 21-week high for soymeal and is just 10 cents away from September 2013 high of $451.20/ton. The target ...

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