Corn futures are higher across the board at midday, continuing their rally higher after Friday’s supportive data from the USDA.
Strong demand and lower production have driven U.S. corn carryout estimates down by 517 million bushels since September, now pegged at 1.54 billion bushels in the January report.
The Biden Administration is expected to release guidance this week on a climate model for clean fuel tax credits. According to Reuters, the proposed changes could significantly limit ethanol producers’ access to subsidies for sustainable aviation fuel production.
Soybeans are higher at midday on follow-through buying from Friday’s friendly USDA report.
Soil moisture levels in Argentina are continuing to diminish across many regions due to well-above-normal temperatures and minimal rainfall. Relief is not expected until this coming weekend, when chances for precipitation may improve.
The USDA announced this morning the sale of 198,000 tons of soybeans for delivery to China during the current 2024/25 marketing year.
Wheat futures are higher at midday following the lead of the corn and soybean markets higher.
After a strong finish to last week the US dollar index is higher again on Monday and back above its recent highs.
Due to the National Day of Mourning last week for Jimmy Carter, CFTC Commitment of Traders data will be released this afternoon.
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