Weekly Recap
Soybean futures edged higher on a weekly basis for a second consecutive week. Futures prices were up a penny per bushel for the July contract and 1.25 cents for August. Values closed on nearby price resistance at $8.50 per bushel. Optimism regarding China and the Phase 1 purchase agreement this morning appears to be pushing values higher. However, escalating tensions between the US and China could temper optimism. Planting progress is expected to have been strong over the prior week when the weekly crop progress report is released later today. Friday’s Commitment of Traders (COT) report showed managed money is leaning ta bit more bullish, adding nearly 5,000 long futures contracts and boosting their net long position to 8,908. Price resistance of $8.50 is currently being…
12.20.2024
45z guidance fails to appear; government scrambles to pass spending bill
The US government spending bill failed twice in as many days. If a deal is not reached by midnight on Friday December 20, some federal services will...
12.20.2024
US animal fats and oils end week softer across the board ahead of holiday slowdown
Prices for US animal fats and oils ended the week on a lower note on Friday December 20, with most markets trending downward ahead of the upcoming holiday week,...
12.20.2024
December cattle on feed down on month, year
Most US animal protein prices were rangebound for the week, though in wider ranges due to the impending Christmas and New Year's holiday closures.
The only significant price...