Feed Grains: Ethanol rumours boost corn

By Commodity News Service Canada

WINNIPEG, Feb. 28 (CNS Canada) – Grain and oilseed markets reacted to rumours that US President Donald Trump is set to sign an executive order that would adjust the country’s biofuels policy.

Speculation in the market was that the changes would include moving the onus of compliance under the Renewable Fuel Standard from refiners to blenders farther down the supply chain. That change is also expected to come with expansions to the amount of higher-blended E15 ethanol allowed to be sold in the country, tax credits for biodiesel, and restrictions on biofuel imports. All of that boosted corn and soyoil.

Colder weather and increased usage of genetically modified crops in South Africa has helped lesson armyworm damage to corn in the country, according to agriculture officials.

Chicago Board of Trade corn futures were up sharply on the expectations for increased demand from the US ethanol sector.

Feed barley bids in the key cattle feeding area of Lethbridge, Alberta were in the C$154 to C$164 per tonne range as of February 24, which were down slightly compared to the previous week, according to the latest pricing information from the provincial government. Top end feed wheat prices were also down, at C$170 to C$180 per tonne in Lethbridge.

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