Chart of the Week: Soybean meal

About this chart:  This is the weekly CBOT soybean meal chart. You can see the major low in early May 2019 at $281. From that low, prices rallied to the high at $326 in late May 2019. Prices then went lower to the low five weeks ago in late February at $284. Meal futures rallied to the highest price since 2018 this week, when prices spiked up to $336 per ton. A close next week above $336 projects meal prices up to $342 to $350 per ton. [Chart source DTN/Prophet X]

What this means for you:  A 60-pound bushel of soybeans has 48 pounds of soybean meal. When the meal market rallies, it has a major positive impact on soybean prices.