Weekly Recap
Soybean futures continued to edge lower on a weekly basis for a second consecutive week. Futures prices finished the week 5.25 cents per bushel lower for the July contract and 4.25 cents for August. Weekly price movement continues to be constrained by resistance at $8.50 per bushel. Optimism surrounding Chinese demand and slower than normal planting progress had been buoying values. Political saber rattling with China and improved planting conditions over the past week are offsetting some of the upward price pressure. Stronger than expected crush demand is also working to support soybean prices. Friday’s Commitment of Traders (COT) report showed managed money reduced long holdings while adding to short positions, moving from net long 32465 futures contracts to 12,064. Price…
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...