Weekly Recap
Soybean futures continued higher on a weekly basis for a third straight week, gaining 3.5 cents per bushel for the July contract and 2.5 cents for August. Export sales remained strong and above analyst projections despite China’s announcement that they will halt US soybean purchases. Some feel China’s announcement was mainly posturing. China was the primary destination for soybean sales last week. Friday’s Commitment of Traders (COT) report showed managed money continued to add to overall net long holdings. Short positions were reduced 9,878 contracts while 3,861 long positions were added, boosting the overall long position to 20,376. Price resistance is seen at $8.82 versus support at $8.50. Futures finished the week 33 cents per bushel above values seen at this time…
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...