Soymeal futures spot soymeal prices in Santos

Spot soymeal prices in Santos, Brazil, climbed to three-month highs, helping CBOT futures hold firm despite broader commodity weakness. Strong Brazilian exports limit downside risk in US contracts for the near term. The discovery for the harvest price for crop insurance is currently underway, via the average November soybean close during October. The average close in the two day so far is at $10.18, with the spring price at $10.54. The July soybean CFR China (Brazil) premium was assessed at 140 cents per bu over July CME futures. It was unchanged from the previous assessment and equivalent to an outright price of $438 per tonne. Soymeal futures extended gains for a third consecutive session, with September contracts up 1.1%. Market momentum is fueled by solid demand from Asian buyers as feed input prices remain competitive versus alternative protein sources.