Markets will be closed on Thanksgiving, November 28, reopen on Friday, at 8:30 am CDT, and close early at 12:05 pm CDT. The Commodity Exchange Act states all U.S. futures exchanges cannot be closed more than three consecutive days.
Highlights
Israel and Hezbollah have agreed to a permanent cease-fire beginning today.
Trump's statement that he will slap a 10% tariff on everything imported from China is supporting soybean oil because the tariff will increase the cost of imported used cooking oil (UCO) being used to produce biofuels in the U.S.
We reported this information a couple weeks ago, but here is a reminder of a major soybean market development. On 15 November, China announced that, effective December 1, the 13% export tax rebate for UCO would be eliminated.
Consequently, FOB China UCO offers were immediately withdrawn and replaced several days later with FOB offers $150+ per mt higher. The statement associated with the change was to redirect the bio-based diesel industry from an export-focused model to a more domestic-oriented industry. Hogwash!