The performance of July soybean meal futures these past two months has been truly epic. The agricultural markets have had significant rallies in the past, but rarely has a single month of a single commodity staged such a significant solo performance.
Fundamentally, China is one of the world's largest corn producers, producing roughly 220 million metric tons per year. It's being reported by the official Xinhua News Agency that the communist regime will end the stockpiling of corn and let the market dictate prices. This after about eight years of growing and storing corn to the point where there is a glut.