Seems it's converging to the spot soybean meal price ,despite newly harvested soybean.Or there's also a short squeeze or SA got some bullish weather (hot and dry for Argentina ,etc ).Thought it's for the good old seasonality
The "usual" reasons.....high livestock/meat prices, South America won't be a "player" until their harvest, the USA harvest might have produced beans that have lower than normal meal content compared to the oil content and there could be expectations of colder than normal weather in the US soon.