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…
04.19.2024
Reduced March RIN production not leading to higher RIN Prices
Total March biofuel RIN production was 1.9 billion RINs, which was 6% below February and 15% below December’s RIN output of 2.25 billion. December had the largest monthly production...
04.19.2024
CWG, YG higher on week, UCO, DCO down again
The market was quiet heading into the weekend. Used cooking oil (UCO) traded in large volume into the Gulf at 40 cents per lb delivered in the truck market.
04.19.2024
Price pressure on ruminant and porcine items for the week
Sloppy markets were reported for porcine and ruminant items at the close of week ending Friday April 19.
Wide ranges were witnessed on porcine bloodmeal (BM), with a...