The soybean market has shown resilience to bearish news out of South America.

Analyst Jeff Peterson with Heartland Farm Partners says prices have not collapsed despite a record crop in Brazil.

“Everybody is a little bit confused about the soybean market because what everybody had been saying is that once South America, in particular Argentina, started getting rains we’d start to see that market going lower. But we’ve continued to add strength.”

He tells Brownfield that’s mostly because of strong soybean meal demand.

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