Benchmark U.S. corn futures rose on Wednesday, hovering near one-year highs as traders continued to adjust to a tighter supply outlook projected last week by the U.S. Department of Agriculture (USDA) and fretted about Argentine crop weather, analysts said.
Corn and soybean futures on the Chicago Board of Trade continued to be supported by the latest supply and demand report issued by the United States Department of Agriculture, said analyst Bryan Strommen of Progressive Ag in Fargo, ND. Meanwhile, wheat has been contending with pressure from an increase in acres.
The U.S. Department of Agriculture announced a new interim rule on Jan. 15, 2025 to aid production of biofuel feedstock crops as well as promote climate-smart agriculture.
Benchmark corn futures Cv1 on the Chicago Board of Trade hit their highest in a year on Monday and soybean futures Sv1 notched a three-month top on follow-through buying after the U.S. Department of Agriculture last week cut its estimates of the size of the U.S. 2024 crops, analysts said.
Chicago soybean and corn futures surged on Friday after the U.S. Department of Agriculture projected lower-than-expected U.S. production after a dry end to the growing season.
U.S. biofuels groups are eager for clarity on the tax credits for fuels that combat climate change, which they hope will ultimately provide a pathway for corn-based ethanol to expand its market as a feedstock for sustainable aviation fuel.
The United States Department of Agriculture cut its calls for 2024/25 U.S. soybean and corn production in its World Agricultural Supply and Demand Estimates (WASDE) released Jan. 10.
Chicago soybean and corn futures ticked up on Thursday as traders squared positions ahead of a major U.S. Department of Agriculture supply-and-demand report due on Friday.