Weekly Recap
Soybean futures continued to move higher on a weekly basis for a second consecutive week. Price support comes from reduced yield expectations for the US soybean crop and damage to crops following the derecho wind storms. Soybean prices advanced four to six cents per bushel last week and rare up four percent over the past two weeks. Price resistance is seen at $9.25 versus support at $9.01. Friday’s closing price was two cents per bushel above values from a month ago and 35 cents over pricing two weeks back. The latest Commitment of Traders (COT) report showed managed money increased overall net long exposure 80,194 contracts. Long positions increased 46,168 while short positions declined 34,026 contracts.
Soybean meal futures did not move with soybeans but…
11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
11.22.2024
Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...