Solid Export Data Support Grain and Oilseed Futures
Grain and oilseed futures continued to rally on Thursday as a short squeeze triggered buying despite the bearish production data released by the United States Department of Agriculture (USDA) on Wednesday. While traders were focused on the production numbers ahead of the report, relatively bullish changes to the demand sides of balance sheets have driven buying and pushed futures markets off the recent lows. Whether the market will continue to rally in the coming weeks will depend on a mixture of growing conditions and fundamental news, like weekly export sales.
Corn futures jumped about 3 1/2 percent (December contract +11 1/2 cents per bushel) as concerns about crop losses due to the recent storms in Iowa and Illinois combined with weather forecasts projecting warmer weather conditions to raise doubts about USDA’s…
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...