Weekly Recap
Soybean futures to edged higher on a weekly basis for the first time in three weeks. Futures finished the week with a ¾ of a cent gain for the July contract and 0.70 cents for August. Weekly price movement continues to be constrained by resistance at $8.50 per bushel. Optimism surrounding China’s phase one demand became less so during the week. China announced it will be halting purchases of US soybeans. Friday’s Commitment of Traders (COT) report showed managed money continued to reduce long holdings while adding to short positions, moving from net long 12,064 futures contracts to 5,813. Price resistance of $8.50 is currently in play. Support is seen at $8.08 with additional resistance at $9.01. Futures prices are nine cents per bushel below values seen at this…
05.06.2024
Strong biodiesel production seen weighing on crude glycerin prices
The whispers of declining biodiesel production are meeting with resistance. Some observers have been sounding the alarm regarding declining production for over a year now, but if true, biodiesel...
05.06.2024
Average weekly hog slaughter to decrease into mid-June: Fastmarkets’ research team
Distillers’ corn oil (DCO) prices fell to 42-43.5 cents per lb delivered US Gulf on Monday May 6 for May-June shipments. There was additional trading reported on the same...
05.06.2024
Year-to-date commercial cattle production falls 2.30% y-o-y
US animal proteins prices were steady on Monday May 6. Limited trade was reported, with several market participants only testing prices, Fastmarkets heard.
US hog slaughter
Fastmarkets research...