Weekly Recap
Soybean futures closed lower on a weekly price basis for a second consecutive week. Selling pressure accelerated on stronger yield expectations. Soybean prices declined 24.5 cents per bushel for September and 25 cents for the November futures contract. Price resistance is seen at $9.01 versus support at $8.50. Friday’s soybean future price was 20 cents per bushel below values from a month ago and 33 cents below pricing two weeks ago. The latest Commitment of Traders (COT) report showed managed money reduced overall net long exposure 29 percent. Long positions were trimmed 14,486 contracts while short positions increased 3,456 contracts. Net long exposure declined from 62,161 contracts to 44,219.
Soybean meal futures fell over three percent in value from the…
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...