Weekly Recap
Soybean futures moved higher on a weekly basis for a second consecutive week, gaining four percent in value by the end of the week. Weekly price movement snapped through resistance at $8.50, a level that had been holding prices down for the past seven weeks. Stronger than expected export demand helped to buoy values. Despite China’s announcement that they will halt US soybean purchases, they were still the top export sales destination, at least for last week. China’s announcement came on June 1, which could lead to softer sales moving forward. Friday’s Commitment of Traders (COT) report showed managed money added to overall net long holdings for the first time in three weeks. Short positions were trimmed 579 contracts while 245 long positions were added, boosting the overall long position to…
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...