Weekly Recap – Corn and Wheat Pushing through Price Resistance Ahead of Reports
Soybean futures ended last week lower, the first lower weekly close in five weeks. Prices dropped 11.5 cents per bushel for the July contract and 16 cents for August, erasing three weeks of gains. Export sales have moved lower over the prior two weeks, taking some of the optimism surrounding strong China demand for soybeans out of the market. Friday’s Commitment of Traders (COT) report showed managed money rapidly reduced short holdings during the week. Short positions were fell 14,713 contracts while long positions increased 8,389, boosting the overall long position 109 percent to 44,285. Price resistance is seen at $8.82 versus support at $8.50. Futures finished the week 24 cents per bushel above values seen at this time last…
11.12.2024
Glycerin prices seen supported by declining biodiesel margins
Glycerin is a co-product of biodiesel production, and its supply is dependent on biodiesel margins. The more profitable the margin environment for biodiesel, the larger the supply of glycerin....
11.12.2024
Animal fats and oils prices stable amid losses in vegoil markets
"I think the big drop in soybean oil had everyone take a pause,” one source said.
December soybean oil futures closed at 46.23 cents per lb on Tuesday, down by...
11.12.2024
Meat and bonemeal, bloodmeal higher on active demand
Prices were highly mixed on Tuesday November 12, with active demand reported by market sources.
Porcine meat and bonemeal prices were steady to higher according to sources...