Meaning the oil, which seems to go into just about everything, and the rest of the bean which seems to be in everything the oil isn't in (it's 2/3 of protein feedstuffs for livestock etc.) is going higher still, see "U.N. FAO Food Price Index: Bounces Back, Approaches All-Time High Once More" immediately below.
From Reuters via AgWeb, February 7:
Chicago soybean futures jumped more than 1% on Monday to their highest since June on concerns over supplies from South America and strong demand from China.
Corn and wheat gained more ground in Asian trade.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) hit its highest since June 2021 at $15.79 a bushel. The market was up 1.1% at $15.71 a bushel, as of 0139 GMT.
* Corn added 1.1% to $6.27-1/4 a bushel and wheat rose 0.8% to $7.69-1/4 a bushel.
* Crop watchers have been cutting their South American corn and soybean crop projections because of adverse weather, including drought, heat waves and excessive rains....
....MORE
March corn 630-4 +10-0
March soybeans 1577-0 +23-4
