US Soybean Meal Exports on the Slow Side – 03/04/2021

US soybean meal sales are running under the pace to make the USDA’s crop year forecast of 14.24 million short tons. But there have been a two years in which the pace of meal sales in the spring and summer quickend sufficiently to push the crop year meal sales total to the USDA forecast (2018 and 2020). The lag in soybean meal sales has resulted in soybean meal futures performance lagging way behind that of soybean oil. Soybean meal market bulls need a surge in soybean meal export sales to put another leg on the soybean meal market.