Soymeal futures shot higher as fears of a lysine shortage in the U.S. spurred ideas of increased soymeal demand. While there are shortages, the price rally is likely as much speculative-driven as it has to do with fundamentals. Winter wheat futures extended to new multi-year highs on tightening global supplies, especially for high-protein milling wheat. In the U.S., winter wheat crop conditions showed mild improvement from the previous week, but drought continues to expand in the Southern Plains and the extended forecast offers little hope for any meaningful relief through winter. Meanwhile, Covid concerns are rising as lockdowns restart in Europe. We cover all these stories and much more in this week’s newsletter, which you can download here.
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