Weekly Recap – DDGS Values Trade Beyond November Average
Soybean futures headed lower on a weekly basis for the first time in five weeks Brazilian soybean planting is 90 percent complete and rains in South America have been leading speculators to exit long holdings, which has reduced soybean price support with values facing strong resistance at $12 per bushel. Global supply remains concern while strong interest from China continued to show in the weekly export report. Despite China’s buying presence, overall soybean exports were at the low end of expectations in last week’s report. However, this season’s export pace is 102 percent over last seasons. Price resistance is seen at $11.61 (followed by 12.02) versus support at $11.25 for the January futures contract….
11.15.2024
October soybean crush reaches all-time monthly high; biofuel demand limits rise in soybean oil stocks
The National Oilseed Processors Association (NOPA) reported the October soybean crush at a record monthly high of 199.9592 million bushels, eclipsing the previous record of 196.406 million bushels set...
11.15.2024
UCO 2025 market clouded by China’s cancellation of export rebate
China will cancel its current 13% export tax rebate for used cooking oil (UCO), a key biofuel feedstock, effective December 1, the country’s Ministry of Finance and the State...
11.15.2024
US animal protein prices steady to firmer week on week; SBM under pressure
The US animal proteins market was steady to higher in the week to Friday November 15. Even with decreases in Chicago Board of Trade (CBOT) soybean meal futures, prices...