Weekly Recap
Soybean futures closed lower on a weekly price basis for the first time in three weeks. Further declines in soybean price might be limited due expectations that the soybean crush will continue to move at record levels. Soybean prices declined 7.25 cents per bushel for August and 8.50 cents for the September futures contract. Price resistance is seen at $9.01 versus support at $8.81. Futures prices finished the week six cents per bushel above values seen at this time last month but a penny below pricing two weeks earlier. Friday’s Commitment of Traders (COT) report showed managed money reduced their overall net long position by 18 percent. Long positions were reduced 2,752 contracts while 10,896 short positions were opened, reducing overall long exposure 13,648 contracts to 62,161.
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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...