Weekly Recap – Corn and Wheat Pushing through Price Resistance Ahead of Reports
Soybean futures ended last week lower, the first lower weekly close in five weeks. Prices dropped 11.5 cents per bushel for the July contract and 16 cents for August, erasing three weeks of gains. Export sales have moved lower over the prior two weeks, taking some of the optimism surrounding strong China demand for soybeans out of the market. Friday’s Commitment of Traders (COT) report showed managed money rapidly reduced short holdings during the week. Short positions were fell 14,713 contracts while long positions increased 8,389, boosting the overall long position 109 percent to 44,285. Price resistance is seen at $8.82 versus support at $8.50. Futures finished the week 24 cents per bushel above values seen at this time last…
04.30.2024
Biofuel feedstock demand rises while capacity declines: EIA
EIA Biofuels Capacity and Feedstock Update
The Energy Information Administration’s (EIA) Monthly Biofuels Capacity and Feedstocks Update, released on Tuesday April 30, showed that operable US biofuel capacity declined...
04.30.2024
Chicago edible tallow trades lower
The edible tallow price fell to 52 cents per lb Chicago basis on the afternoon of Tuesday April 30. Tallow trading was quiet outside of the edible tallow market.
04.30.2024
April animal protein values mixed month on month
US animal proteins prices were mostly steady on Tuesday April 30. Limited trade was again reported, with multiple market participants attending the Petfood Forum in Kansas City, Missouri, held...