It was another losing week for soymeal but soyoil will likely be at the top of the financial market’s percentage gainers.
According to the CFTC, managed money slashed its net short in CBOT soyoil in half to 19,198 contracts, but it still wasn’t enough. Soyoil was red hot this week, rising 10.2 percent, as a rumored competition has broken out between biodiesel makers and food makers that weren’t properly covered. That helped pull soybeans higher despite the bearish WASDE report. Soyoil is now pegged as the most expensive vegetable oil on the market. However, this is not its first time at the top. Recall that the same renewable biodiesel dynamic had it trading above 60 cents back in February and it got close to 70...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
