Considering that the Argy crop is shrinking on a weekly basis, and probably hasn't done with it's contraction yet, Brazil's port are said to be "maxed up" with exports, the Chinese keep coming back for more whatever the price and we haven't even had a US weather scare yet then there could be plenty more upside yet IMHO.
Can soybeans keep moving in the opposite direction to corn & wheat, or will they ultimately get dragged higher too?
Based on where the overnights currently stand we have CBOT wheat down 4% on the month so far, with corn down 3%. Yet beans are up 6% and meal is up 8%.
On the year to date we have wheat down 3%, corn down 3.5%, yet beans are up 24% and meal is up by 35.6% so the answer seems to be yes they can move in opposite directions, in fact they've been doing a pretty good job of it lately.
Forget about Chinese demand for corn, it's Chinese demand for soybeans that's driving the market.