- Nov-22 soybean futures closed higher Friday, up $0.25 at $14.52 per bushel. Dec-22 soybean meal rallied on Friday, Oct. 28 but was still down for the week, closing at $420.40 per ST. The likewise soybean oil contract ended last week up nearly $0.04 from its start at $0.7717 per pound.
S&D and fundamental factors
- Renewable diesel (RD) consumption was 136.8 million gallons in July, just 4.5 million gallons short of biodiesel use. Demand for RD in July was a record 168.5 million gallons.
- Indonesia plans to raise its biodiesel mandate to B40 from the current B30 standard. Now in a traditional carry market, Malaysian palm oil futures strengthened last week, following soybean oil higher. The Dec-22 contract is trading near 4,300 ringgits per MT.
Weather, macro indicators, and news
- Rains reached much of the U.S. Midwest, including parts of Kansas and Nebraska last week. Nonetheless, the U.S. drought monitor continues to show moderate to extreme drought across the region.
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