Better Weather and Biofuel Concerns Push Markets Lower
Corn and soybean futures took a hit on Sunday night as the latest forecasts put some
rains and cooler temperatures in Iowa and S Minnesota in the 8-to-14-day forecast.
This coupled with the rhetoric on biofuel relief to refiners from the Biden
administration is giving the market pause. If this forecast materializes it is much
needed but more will have to follow and the Dakotas, much of Minnesota, and
Wisconsin get missed. The biofuel news goes against the green agenda of the Biden
administration’s green mandate so we believe there will be no wide spread relief
considering what happened in court with the SRE waivers being denied recently.
Crop ratings will be lower this afternoon so we will see if the market will bottom out
See attached report for more information on outlooks and weather updates.
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