The soybean traders took another run at $12 early Wednesday, but failed to break through. StoneX market analyst Phillip Claussen says good fundamentals are supporting the soybean complex. “The past two days have really been a soybean meal-led rally as far as the soybean complex. There’s the ongoing issues in Argentina with labor strikes hampering exports and crush. In the monthly NOPA crush report, there was a big jump in meal exports.” A meal and oil led market is very good for the soybean complex. “Typically, I’d agree that’s good fundamentals for supporting the market versus the beans being the leader. If meal leads the complex higher, that tends to have more teeth to it.”
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