Biggest Commodity Winner of 2018 Rallies on Argentina's Drought
- Supply concerns grow for soybean meal, used in livestock feed
- Funds raise bets on price gains to highest in almost a year
An employee looks at soybean meal produced by Glencore Plc as it is stored before transportation in a grain flat storage at the European Bulk Services (E.B.S.) terminal at the Port of Rotterdam in Rotterdam, Netherlands, on Tuesday, April 25, 2017.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
To understand why soybean meal is the best-performing commodity so far this year, talk to Ariel Striglio, a 52-year-old farmer in Argentina’s Santa Fe province.
Since January, his fields of soy and corn have received about 3.5 centimeters of rain (1.4 inches). That’s not even a fifth of what’s normal. Temperatures are also higher.