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.
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.
China will accelerate the breeding of new soybean and corn varieties and prioritize yield improvements for key grains and oil crops, as part of broad efforts to ensure food security, the agriculture ministry said in a statement late on Wednesday.
Idemitsu Kosan will begin a trial plantation of the non-edible oilseed tree crop Pongamia in Australia from mid-January to assess its potential as a feedstock for sustainable aviation fuel (SAF), the Japanese crude oil refiner said on Thursday.
Chicago corn, soy and wheat futures dipped on Wednesday as the dollar jumped on uncertainty over U.S. President-elect Donald Trump's tariff plans, and as investors squared positions and awaited supply and demand data from the U.S. Department of Agriculture.
Dry weather is limiting soybean development in Brazil's southernmost state, putting farmers on alert there at the same time as excessive rain is set to disrupt early harvest work in central areas of the country, according to meteorologists.
Chicago soybeans ticked lower on Tuesday as expectations for rain relief in Argentina encouraged profit-taking, after drier forecasts and a softer dollar fueled gains during the previous session.
Dry weather in Argentina could affect the country's oilseeds as harvest approaches, reported the United States Department of Agriculture attaché in Buenos Aires.