Market Information

Short-term soybean markets are being driven by uncertainty around U.S. biofuel policy, while worsening Black Sea export disruptions are creating a bullish outlook for wheat and potentially corn by increasing the world’s reliance on U.S. grain supplies.

The main concern is the EPAs pending decision on 34 Small Refinery Exemption (SRE) petitions for 2025. These exemptions, if approved, would reduce the demand for Ethanol. Additionally, the Black Sea conflict escalates supporting corn and wheat prices.

September corn took a step back yesterday but recovered overnight. The upside targets at 526, 531, 535, 551 are intact but it would be prudent to have a sell stop in place. Move sell stops up to 490.

December corn traded to 541 overnight seemingly poised to trade to the upside objective at 545. Move sell stops up to 513.

November soybeans are maintaining strength. Target 1296, 1308, 1320, 1361. A move to 1361 would complete the move. Move sell stops up to 1241

September wheat continues to move higher, target 750, 776. A move to 776 would completer the move. Move sell stops up to 697.