With import organic soybean meal prices remaining elevated, it’s interesting to evaluate the technicals driving the underlying cost of Indian non-GMO soybeans. You can see from the chart of Indian soybeans (non-GMO) testing the upper end of the 3-year range, while volatility has increased rapidly. Historical volatility can be measured using Bollinger bands that measure 2-standard deviations around a 20-week range (in this case). Prices continue to trend in conjunction with the upper Bollinger Bollinger bands as the difference between the Bollinger band high and the Bollinger band low expand. The difference is known as the Bollinger bandwidth, which has increased to the highest levels since February 2020, when the Indian Soybean market tumbled.
The next technical chart is the relative strength index, which measures the change in the price of Indian soybeans over the past 14-periods. The RSI…
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...