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…
04.18.2024
Total RFS blending falls in March, domestic biodiesel blending increases
The Environmental Protection Agency (EPA) reported 1.66 billion gallons of renewable fuel blended within the nation’s transportation fuel pool during March. Blending was six percent below February and...
04.18.2024
EU UCO premium to US continues to grow
The US animal fats and oils market was mostly quiet on Thursday April 18, with a handful of price changes reported. Choice white grease (CWG) into the Missouri River...
04.18.2024
Ruminant meat and bonemeal price pressure in most regions
Price pressure was reported on several regions for meat and bone meal, ruminant and porcine items. Market sources said buyer pushback and light demand, with exception to the pet...