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…
04.19.2024
Reduced March RIN production not leading to higher RIN Prices
Total March biofuel RIN production was 1.9 billion RINs, which was 6% below February and 15% below December’s RIN output of 2.25 billion. December had the largest monthly production...
04.19.2024
CWG, YG higher on week, UCO, DCO down again
The market was quiet heading into the weekend. Used cooking oil (UCO) traded in large volume into the Gulf at 40 cents per lb delivered in the truck market.
04.19.2024
Price pressure on ruminant and porcine items for the week
Sloppy markets were reported for porcine and ruminant items at the close of week ending Friday April 19.
Wide ranges were witnessed on porcine bloodmeal (BM), with a...