Spread Update
Jan-May corn continues to trade at a relatively wide historical carry going into harvest on expectations of large production.
Soybean meal is also very interesting given what is happening, or not happening, between the US and China. Jan-May is inverted, but not significantly. With no soybean orders on the books from the US, we might expect to see January trading much higher than May, given that January timeframe is historically more supplied by US shipments, while the May is more ...