Corn prices led grains lower last week, falling 1.8 percent for the March futures contract and two percent for May. Corn values have been trending lower after the Commitment of Traders report last Tuesday. The market set up a wide-ranging downside reversal indication last week with prices trading well above and below the prior week’s highs and lows and settling near the lows for the week. Managed money was not buying into the downside scenario, as traders pushed net long holdings four percent higher to 358,807 contracts, a four-week high. China remains a firm buyer of corn this marketing year. Corn exports are 142 percent above last marketing year through the same time period. High corn prices and lower gasoline demand have been negatively impacting ethanol margins, which has led to lower DDGS supply. DDGS demand remains strong,…
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...