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…
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...