Weekly Recap
Soybean futures moved lower on a weekly basis for the first time in three weeks. Futures prices declined 12 cents per bushel for the July contract and 11.25 cents for August, erasing the prior two weeks of gains. Weekly price movement continues to be constrained by resistance at $8.50 per bushel. Optimism over potential Chinese demand and slower than normal planting progress is buoying values but is also tempered by escalating tensions between the US and China. Stronger than expected crush demand is also working to support soybean prices. Friday’s Commitment of Traders (COT) report showed managed money increased overall long positions by 264 percent. Long holdings advanced 15,129 contracts while shorts were reduced 8,428. This moved the net long position from 8,908 to 32,465…
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...