Weekly Recap
Soybean futures edged lower on a weekly basis and have seen lower weekly closes in three of the past four weeks. Prices fell one fourth of a cent per bushel for the May contract and 2.75 cents for July. Concerns are surfacing regarding China’s desire to achieve Phase 1 purchase agreements. Friday’s Commitment of Traders (COT) report showed managed money moved from being net long holders of futures to net short. Speculators added 15,735 short future positions to move overall holdings to net short 2,864. Price resistance is seen at $8.49 vs support at $8.13. Futures prices are 49 cents per bushel below value seen at this time last month and down 31 cents per bushel during the past two weeks.
Soybean meal futures closed lower on a weekly basis for the fifth straight week and have seen…
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...