January contracts are close to expiration, so this update will be looking mostly at May/September spreads.
May/September corn has continued to strengthen but still remains in a carry after Jan/May traded at a large inverse into the end of 2025.
May/September meal has seen some strength but still remains at a relatively wide carry for this time of year, especially with worries about tightness in imported soybean supplies due to possibly longer wait time at customs.
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