SOYBEAN futures at the Chicago Board of Trade were stronger on Wednesday, shrugging off sharp losses in crude oil, which managed to move away from its lows.
United States President Donald Trump offered a 15-point plan to Iran for a ceasefire, which initially saw crude oil drop hard. However, Iran rejected the proposal and crude recovered most of its losses as the day progressed..
Trump is set to announce the latest renewable volume obligations from Environmental Protection Agency on Friday. However, there’s speculation the RVOs could be made public before the president speaks.
Read Also
ICE Closing Review: Soyoil pushes canola higher
By Glen Hallick Glacier FarmMedia – Intercontinental Exchange canola futures were higher on Wednesday, due to sharp increases in Chicago…
Ahead of U.S. Department of Agriculture export sales report on Thursday, the trade projected soybean sales of 250,000 to 500,000 tonnes.
CORN futures were higher on Wednesday, with spillover from the soy complex.
EPA Administrator Lee Zeldin announced E15 sales will start on May 1 for the summer months.
The U.S. Energy Information Administration said ethanol production for the week ended March 20 averaged 1.12 million barrels per day, up 23,000 BPD from the previous eek.. Ethanol stocks added 763,000 barrels at 27.17 million.
Taiwan tendered for 65,000 tonnes of U.S. corn.
Ukrainian corn production was estimated to be 31 million to 32 million tonnes, compared to 31 million last year, according to UAC Union.
WHEAT futures were higher on Wednesday, due to concerns over dryness.
The U.S. Plains, especially the hard red wheat areas, were forecast to be drier for at least another week. Some of the soft red wheat areas in the Eastern Corn Belt are to become wetter.
Export sales of U.S. wheat were projected to be 300,000 to 500,000 tonnes.
