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.
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.
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.
South American weather forecasts, positioning ahead of the Jan. 10 United States Department of Agriculture supply/demand report and uncertainty over trade policies under the incoming Trump administration were all influencing the Chicago grain and oilseed markets during the first days of 2025.
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.