I continue to think this is such a long term play upwards with soybean oil gaining on soybean meal. It almost goes against common sense in some aspects but that’s why you leave common sense at the door.
This spread is long 5 beanoil short three meal and is $30 a one tick move. Today we are about 50 points * $30 or up $1,500.
This bottomed at an olive line of between 30 and 30.80.