PRO FARMER
Corn and soybeans underwent heavy selling pressure throughout the session, despite corrective buying in the wheat and cotton markets. Livestock fell under pressure as well, as cattle saw selling and hogs continue to fall
Iowa has entered the legal fray by challenging a recently enacted Massachusetts law that prohibits the sale of pork not meeting specific hog-confinement standards, according to the Iowa Capital Dispatch.
Corn and soybeans saw fresh selling overnight, while wheat saw limited corrective buying, though went into the break off session highs.
Corn-for-ethanol use totaled 442.6 million bu. during August, according to USDA.
JPMorgan Chase & Co could process another 40 Russian grain export payments, two sources told Reuters.
Inspections of vessels waiting to exit or enter the Ukrainian Black Sea were suspended for a second day in a row. . .
As a result of tighter global exportable supplies and higher industrial consumption, soybean oil as a percentage of global vegetable oil consumption is forecast to fall below 30% in 2022-23.
IMF expects global growth of 2.8% this year and 3% in 2024, slightly below its forecasts published in January.
The credit could provide a major boon to biofuel products made of wastes and oils, but producers are also eyeing a big new market for corn-based ethanol.
“Total gasoline inventories are lower today than they were last year when EPA issued waivers to address the nation’s fuel supply,” the organizations wrote.