|Day's Range||467.00 - 473.00|
India allowed two state-run trading companies to import 100,000 tonnes of corn at a concessional 15 percent import tax, the government said on Friday, as prices of the animal feed jumped in the south Asian country because of drought. State-run MMTC and NAFED were each allowed to import 50,000 tonnes of corn for poultry firms in the 2019-20 financial year starting on April 1, it said in a statement. India, the world's seventh-biggest corn producer, otherwise imposes a 60 percent import tax on the grain.
Corn futures turned higher Tuesday after the U.S. Department of Agriculture's World Agricultural Supply and Demand Estimates report said U.S. corn production for the 2019/2020 marketing year is forecast to decline by 1.4 million bushels to 13.7 billion, which would be the lowest since the 2015/2016 marketing year. "U.S. corn will be in short supply, but emotions, fears, and hoarding could push it to shortage," said Ned Schmidt, editor of the Agri-Food Value View Report. July corn was at $4.24 1/2 a bushel, up 8 3/4 cents in Chicago.
The US government predicted the lowest domestic corn crop in four years in its first estimates to account for relentless rains that delayed planting across the Midwest. Farmers will harvest 13.7bn bushels (347.5m tonnes) of corn this year, the US Department of Agriculture forecast on Tuesday, 9 per cent less than the 15bn bushels (381.8m tonnes) it estimated just last month. As of Monday, the nation’s corn crop was only 83 per cent planted when it normally would have been all but complete.
Soybeans is closing the week wiht losses while Corn is positive but the outlook remains uncertain as market awaits for more crops report.
Shares in enzymes maker Novozymes slumped more than 8% on Friday after it cut its 2019 sales outlook for the second time in less than two months on the back of weak U.S. ethanol production after floods in the Midwest. The Danish company had already lowered its outlook on April 24, mainly because of the struggling U.S. ethanol market, though it had hoped for a recovery. Novozymes' enzymes and yeast are used in bioethanol production to break down and ferment sugar in crops such as corn, but massive floods knocked out roughly 13 percent of U.S. ethanol capacity.
Flour millers in Asia have been caught on the wrong side of a rally in wheat prices as they waited for the market to decline, a stark contrast to animal feed producers who booked cargoes of corn several months before prices for that grain jumped. Benchmark Chicago corn futures climbed by almost a fifth in May as heavy rain and flooding across the U.S. Midwest delayed planting.
Mexico has prepared a list of U.S. products that could be hit in retaliation for possible Trump administration tariffs, with a focus on Republican-leaning agricultural states but excluding corn, one of Mexico's biggest imports, officials said on Wednesday. U.S. President Donald Trump has pledged to apply a first round of tariffs on all Mexican imports next week if President Andres Manuel Lopez Obrador's government does not stem the flow of mostly Central American migrants seeking entry to the United States.
Indian state-run trading company MMTC has for the fourth time postponed the deadline for offer submissions in an international tender to import yellow corn, this time to June 12, European traders said on Tuesday. The tender seeks corn (maize) free of genetically-modified organisms (GMOs). The volume purchased will be decided by MMTC depending on the level of prices received.
The Trump administration on Friday lifted restrictions on the sale of higher ethanol blends of gasoline, keeping a campaign promise to farmers suffering from the trade war with China but inviting a legal challenge from the oil industry. The announcement allows gasoline stations to sell blends containing up to 15 percent corn-based ethanol, called E15, year-round, ending a summertime ban that President Barack Obama's Environmental Protection Agency imposed in 2011 to reduce smog pollution. The action is a win for the U.S. farm lobby, which has argued that the Obama-era restrictions on E15 hurt growers by limiting demand for corn-based fuel, without providing tangible air quality benefits.
Corn futures are up 15% for the month as forecasts for heavy rain across major farming areas pose risks to more delays in planting.
Biblical-style flooding in the Midwest is hampering the corn planting season and sending prices for the grain to their highest level in three years. exchange-traded fund which holds corn futures. Too Much Rain Already the Midwest is flooded like never before and rain is still set to come, which means farmers are delaying planting their crop.
Ted Seifried, Zaner Ag Hedge’s chief market strategist, talks to Yahoo Finance On the Move about the African swine fever and how extreme weather is impacting corn production in the U.S.
WASHINGTON/NEW YORK (Reuters) - The U.S. Environmental Protection Agency plans to unveil a narrowed-down version of its proposed biofuel credit market reform this month after regulators concluded many of the agency’s initial ideas required more time to study, according to four people briefed on the matter. President Donald Trump had instructed the EPA to develop the plan to reform the multi-billion-dollar market as a way to help the oil refining industry, which had long complained that speculation was driving up costs for the credits they must acquire to comply with the nation's biofuel law. Trump had asked that the EPA's reform be finalised prior to June 1 to coincide with the agency’s move to expand sales of gasoline blended with higher levels of corn-based ethanol, or E15, a measure meant to help farmers by expanding the market for corn.
Wheat and corn are trading high as investors are betting on a shortage of production in both grains. Hard weather conditions are delaying planting.
Monday saw the US Department of Agriculture release its latest planting progress figures, with corn planting posting the slowest result since 1980 and soybeans showing the slowest print since 1996. Both commodities rallied in response.
Corn futures finish Monday at their highest level in nearly a year, while wheat futures mark a three-month high as wet weather raises concerns over U.S. planting progress for the crops.
Corn is trading higher for the sixth day in a row with prices reaching nearly one-year highs. Soybeans are pressure to the downside.
Shortly after the turn of the century, U.S. government officials banned methyl tertiary butyl ether, or MTBE, a gasoline additive that boosts octane. Demand for ethanol, and corn, got another huge boost when the U.S. government imposed rules calling for every tank of gasoline to contain 10% renewable fuels. How the agricultural sector responded, and what happened in commodity markets, is a tale worth remembering as more people shift from meat to vegetable protein.
Indian state-run trading company MMTC has postponed the deadline for offers in an international tender to import yellow corn (maize) to May 15 from May 8, European traders said on Monday. The volume purchased will be decided by MMTC later depending on the level of prices received but minimum offers are 20,000 tonnes. The tender seeks corn free of genetically modified organisms (GMOs) from any origins.
The U.S. Department of Agriculture (USDA) lowered its export projections for corn and wheat in the 2018-2019 harvest season amid slumping grain volumes and Midwest rail operations coping from last month's record flooding. In USDA's World Agricultural Supply and Demand Estimates report that it updates monthly, USDA estimated that U.S. corn exports will total 945 million bushels in 2018-2019, compared with its March estimate of 965 million bushels. U.S. corn exports are projected to total 2.3 billion bushels, down from estimates in March of nearly 2.38 billion bushels.
HAMBURG (Reuters) - Indian state-run trading company MMTC has issued an international tender to buy and import yellow corn (maize), European traders said on Tuesday. The volume purchased will be decided ...
HAMBURG (Reuters) - Indian state-run trading company MMTC has issued an international tender to buy and import yellow corn (maize), European traders said on Tuesday.