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…
05.03.2024
Biodiesel imports fall to 8-month low in March; exports rise to 3-month high
Biodiesel imported into the US fell in March for the first time in four months while biodiesel exported from the US reached a three-month high.
Import demand from...
05.03.2024
BFT, soybean oil weekly average prices tumble
For the week to Friday, prices were broadly lower compared with the prior week’s average. Packer bleachable fancy tallow was down by 2.2% from the prior week’s average on...
05.03.2024
US animal protein prices remain under pressure; soymeal rises
US animal protein prices were mixed in the week to Friday May 3 but showed no large movements, with multiple market participants traveling for the Petfood Forum in Kansas...