Futures activity

  • 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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Source: 123rf.com
Posted by: Information Services
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.