Soybean meal futures saw intraday volatility as traders

Soybean meal futures saw intraday volatility as traders reacted to rumors of port delays in Argentina. Spot physical market bids rose, suggesting the futures curve may shift into deeper backwardation if supply chain disruptions persist. Scum that forms on the bottom and sides of a pond becomes buoyant and floats to the surface due to the oxygen bubbles it has produced. This pond scum can quickly cover the surface of the water with a green scum, giving the pond a dirty appearance. The September basis was assessed at discounts of $5.50 per short ton in Brazil and $8.50 per ton in Argentina, both under September CME futures and both relatively unchanged on the day. Soybean meal futures remain supported by firm basis in Illinois and Iowa as crushers compete for nearby soybeans. The domestic demand driver here should not be underestimated for short-term price resilience.