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Corn and soybeans will face heavy pressure from improved rainfall chances, while wheat is expected to actively follow to the downside.
The biomass-based diesel requirements are well below the increase sought by producers, which put heavy pressure on the soyoil market.
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Corn, soybean and wheat futures are expected to open sharply higher on support from plunging crop condition ratings. Soyoil will face heavy pressure from reports of EPA’s biodiesel mandates.
Plunging crop condition ratings and dryness concerns fueled strong gains in corn, soybean and spring wheat futures overnight. Winter wheat futures actively followed to the upside.
Iowa and Illinois led the declines in corn and soybean CCI ratings.
Delayed from its normal release due to Monday’s holiday and technical difficulties, USDA reported a near 300,000 MT week-over-week decline in corn inspections, while soybean inspections rose modestly on the week.
Corn and soybean futures are choppy with wheat futures under pressure. Lean hog futures are higher with cattle futures mixed but mostly lower...