News
Soybeans tried to work higher on corrective buying overnight, but succumbed to continued pressure on soyoil late in the session.
Limit-down trade in soyoil tied to concerns the renewable diesel target for next year may be lower than expected and sharply lower trade in crude oil.
Package was approved in a party-line vote of 29-25.
Corn basis improved but remains much weaker than average.
Annual Iowa State survey reports state average of $271 an acre.
Grains continue to lead weakness while soybeans see relative strength.v
Tax and farm bill provisions being debated.
July soybean futures reached their highest level since Feb. 11 during overnight trade.
Soybeans consolidated from Monday’s surge higher overnight while grains continue to show relative weakness.