A lack of availability of spot material continues contribute to a quiet, overall market. Reports of demand destruction continue due to cheaper corn prices and low energy feed rations. With that stated, hog slaughter was up today at an estimated 312,000 head, 46,000 head above last week’s levels.
The EIA reported an increase in ethanol production for last week, the first increase since the week ending Feb 28. Gasoline demand increased as well at 279.9 million gallons, up from 246 the week prior. Distillers corn oil production is estimated at 5.7 million pounds per day, last week. While 5.7 million pounds is 48 percent lower than year ago levels, an increase in production could start to inject enough liquidity in…
11.15.2024
October soybean crush reaches all-time monthly high; biofuel demand limits rise in soybean oil stocks
The National Oilseed Processors Association (NOPA) reported the October soybean crush at a record monthly high of 199.9592 million bushels, eclipsing the previous record of 196.406 million bushels set...
11.15.2024
UCO 2025 market clouded by China’s cancellation of export rebate
China will cancel its current 13% export tax rebate for used cooking oil (UCO), a key biofuel feedstock, effective December 1, the country’s Ministry of Finance and the State...
11.15.2024
US animal protein prices steady to firmer week on week; SBM under pressure
The US animal proteins market was steady to higher in the week to Friday November 15. Even with decreases in Chicago Board of Trade (CBOT) soybean meal futures, prices...