Weekly Recap
Soybean futures to edged higher on a weekly basis for the first time in three weeks. Futures finished the week with a ¾ of a cent gain for the July contract and 0.70 cents for August. Weekly price movement continues to be constrained by resistance at $8.50 per bushel. Optimism surrounding China’s phase one demand became less so during the week. China announced it will be halting purchases of US soybeans. Friday’s Commitment of Traders (COT) report showed managed money continued to reduce long holdings while adding to short positions, moving from net long 12,064 futures contracts to 5,813. Price resistance of $8.50 is currently in play. Support is seen at $8.08 with additional resistance at $9.01. Futures prices are nine cents per bushel below values seen at this…
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...