Corn and Soybean Futures Rally to Fresh Highs
Soybean futures jumped sharply on Tuesday, with the benchmark contract setting fresh life-of-contract highs. Once again, bull spreading, especially July-November, lifted nearby contracts more than deferred. Nearby futures rose more than three percent (March contract +38 3/4 cents per bushel) as the Argentine port strike continues to add to the gains from falling expectations of South American production. Talks to resolve the strike resumed on Tuesday, but there were no announcements of a resolution to the strike, which has dragged on since December 9 and delayed the loading of more than 160 ships. The strike also lent support to soybean meal futures, which gained nearly three percent (March contract +$11.60 per ton). Soybean meal futures also benefited from light liquidation of long oil share positions by funds. However, technically-driven selling in the…
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...