Improvement in Soil Moisture Drives Wheat Futures Lower
Grain and feed prices were mixed following the long holiday weekend. Concerns about South American growing conditions and robust demand from Chinese buyers supported corn futures. However, profit-taking triggered by progress in resolving the Argentine port strike left soybean and soybean meal prices mixed, with nearby contracts down. At the same time, the liquidation of bull spreads supported the back end of both curves. Light short oil share spreading by funds limited the decline in nearby soybean meal futures. Wheat prices were broadly lower as precipitation across the U.S. Plains improved soil moisture levels.
Nearby soybean futures fell about 1/2 percent (March contract -7 1/4 cents per bushel), but the benchmark contract managed to hold the psychologically important $12.50 level. Prices fell by more than 16…
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...