Weekly Recap
Weekly soybean futures prices cruised higher for a sixth consecutive week, reaching closing highs not seen since April of 2018. The November and January futures contracts climbed 20 percent during the six-week period, coasting five percent higher during the past week. Prices are buoyed by weather and export activity; any profit taking from the recent runup in price will likely be limited due to an expected continuation of strong Chinese demand. Frost was reportedly more damaging than many thought and is now expected to lower potential yields for North Dakota, South Dakota, and Minnesota. Soybean prices climbed 47.5 cents per bushel for the November futures contract and 48 cents for January. Price resistance is seen at $10.58 versus support at $10.17 for the November futures contract. Friday’s close was $1.39…
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...