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“The range-bound action over the past several weeks in soymeal has ended, and prices have broken out to the upside following the holiday weekend. Weather forecasts for the Midwest have taken a bullish shift, and a weather premium is now being built for upcoming hot/dry conditions. This is pulling soymeal higher and pushing the August contract well above the mid-June highs to its highest level since June 4,” ADM Investor Services said.
