04.24.2024
Biodiesel output strong in Q2; producers start locking in Q3-Q4 sales
A second producer echoed this sentiment and said they have had to work a bit harder to secure feedstock to line it up with sales at the right time.
Weekly Export Sales
Soybean export sales for the 2019/20 marketing year of 601.9 thousand metric tons (TMT), were 63.7 TMT over last week’s total and 10 percent below the four-week average of 670 TMT. New crop sales totaled 560.7 TMT, lifting total sales to 1,162.6 TMT. Combined crop year sales were 39 percent below last week’s but within analyst estimates that ranged from 800 to 1,700 TMT. 2019/20 export commitments are 99.8 percent of the USDA revised forecast and need to average 11 TMT per week to meet expectations. Export sales are six percent below the 2018/19 crop year pace. Major purchases were reported for China, Spain, and Egypt.
Soybean meal sales for the 2019/20 marketing year of 70.2 TMT were 53.9 TMT below last week’s total and 72 percent under the prior four-week average of 253 TMT. New crop sales were 12 TMT, lifting total sales to 82.2 TMT. Combined crop year sales were 55 percent…