Weekly Recap
Soybean futures continued higher on a weekly basis for a third consecutive week. The September and November futures contracts are up nearly 10 percent during this period. Reduced yield expectations for the US soybean crop is alarming the market as reduced rainfall during a critical developmental stage is increasing the odds that some plants may abort pod development, leading to reduced yields. Soybean prices climbed 49.75 cents per bushel for the September futures contract and 45.75 cents for the November. Price resistance is seen at $9.66 versus support at $9.25. Friday’s close was 30 cents per bushel over values from a month ago and 22 cents above pricing two weeks back. The latest Commitment of Traders (COT) report showed managed money increased net long holdings two percent to 109,288…
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...