|Day's Range||370.50 - 378.50|
In a letter this week, Sen. Ted Cruz and four GOP colleagues express concerns about the costs that oil refiners face due to a requirement known as the Renewable Fuel Standard, which aims to boost the use of corn-based ethanol or other biofuels.
Bud Light's advertisement about beer and corn syrup on Sunday night during the Super Bowl angered corn farmers and surprised many others with the fact that beer would be linked with the sweetener. In a one-minute commercial during the National Football League championship game, Bud Light shamed competitor Molson Coors Brewing Co for its Miller Lite and Coors Light brews containing corn syrup. While Bud may be the king of beers, the United States is the largest producer and exporter of corn in the world.
The Grain Transport Report, a weekly publication by the Agricultural Marketing Service (a division of the U.S. Department of Agriculture) released information showing that total export inspections for grain (corn, wheat and soybeans) declined 22 percent from the previous week. The report said that year to date (January 1-24) inspections for grain exports decreased by 9 percent, from 9.073 million metric tons (mt) in the same period in 2018 to 8.268 million mt in 2019. The impact of declining exports can be seen across the U.S. grain supply chain.
To hear the Americans tell it, the Chinese have gone on a commercial crime spree, pilfering trade secrets from seed corn to electronic brains behind wind turbines. China has stripped the arm off a T-Mobile robot, the U.S. says, and looted trade secrets about robotic cars from Apple. The alleged victims are American companies, whose cases lie behind the U.S. complaints in the current trade talks.
Three new commodities options contracts are set to start trading in China on Monday as the world’s biggest consumer of raw materials seeks to build confidence in its febrile markets. The launch of corn, cotton and rubber contracts will double the amount of options listed across China’s three major commodity exchanges. The growing array of derivatives on offer shows how China is trying to lure more hedgers to its exchanges.
The U.S. Environmental Protection Agency (EPA) said on Friday it will complete a proposal to expand sales of higher ethanol blends of gasoline in time for summer, despite delays from the partial government shutdown. "I still think we can get the rule done in time and what I mean by that is get the rule in place by start of the summertime," Bill Wehrum, the agency's assistant administrator for air and radiation, told reporters at a public event in Washington, referring to the name for gasoline containing 15 percent ethanol. President Donald Trump had promised U.S. farmers and biofuels producers that his administration would lift a long-time ban on summertime E15 sales to help boost demand for the corn-based fuel.
A steep downturn in U.S. ethanol output linked to the trade war with China is raising costs for American farmers who feed a byproduct of the corn-based biofuel to hogs, cattle and chickens. Sales of the feed, known as distillers' dried grains, or DDGs, were one of the bright spots for ethanol makers such as Green Plains Inc (GPRE.O), Valero Energy Corp (VLO.N.) and Pacific Ethanol Inc (PEIX.O) after China all but stopped buying corn ethanol, contributing to oversupply. Robust demand for DDGs had been a buffer as the lowest ethanol prices in over a decade dragged on the industry.
Logum, the company operating Brazil's sole ethanol pipeline, is looking to expand the system into central Brazil to reach more plants and possibly the nascent corn-based ethanol industry, which is expected to grow. Chief Executive Wagner Biasoli told Reuters Logum has secured financing for an expansion to link new mills in the state of Minas Gerais, boost delivery to Sao Paulo state and reach total capacity of 6 billion liters per year. Next up are the center-west states Goiás and Mato Grosso, some of the largest grain producers in the country, he said, adding that new biofuel incentives taking effect in 2020 should help to boost demand for ethanol.
In their long rivalry with oil refineries, farmers who produce corn for ethanol could get a boost from the 2020 election thanks to a populist incumbent president worried about the Heartland, according ...
The U.S. Attorney's Office in Cedar Rapids, Iowa, said in a filing Wednesday that potentially "tens of thousands" were defrauded by Randy Constant and his associates into paying a premium for products that they didn't want. Constant, of Chillicothe, Missouri, and three others have pleaded guilty and are awaiting sentencing. Constant, who owned an Iowa grain brokerage, acknowledged that he sold $142 million worth of corn, soybeans and wheat over a 7 ½ year period that wasn't organic despite his representations.
Depending on how long the U.S.-China trade battle continues and the Fed continues raising rates, the two could jump back into the lead. Soybeans and corn should prosper, as well. Natural gas’ glory days may be ending.
The U.S. Environmental Protection Agency said on Friday it lifted its annual blending mandate for advanced biofuels by 15 percent for 2019, while keeping the requirement for conventional biofuels like corn-based ethanol steady. The mandate was the same as reported by Reuters on Thursday, in an article citing an internal agency document. The mandate includes 4.92 billion gallons for advanced biofuels, up from the EPA's initial proposal in June of 4.88 billion and above the 4.29 billion that had been set for 2018, EPA said.
The U.S. Environmental Protection Agency lifted its annual blending mandate for advanced biofuels by 15 percent for 2019, while keeping steady the requirement for conventional biofuels like corn-based ethanol, according to an agency document seen by Reuters on Thursday. The mandate includes 4.92 billion gallons for advanced biofuels that can be made from plant and animal waste, an increase from the EPA's initial proposal in June of 4.88 billion and above the 4.29 billion that had been set for 2018, according to the document. The EPA is required to announce formally the biofuel mandate figures, which are closely watched by the rival corn and oil industries, by Friday.
Iowa corn farmer Bob Hemesath jokes that the government check he expects as compensation for his trade-war losses will soon allow him to splurge on upscale coffee in town instead of his usual burnt gas-station brew. Rob Sharkey, an Illinois farmer, hopes his corn trade aid check will be big enough for that margarita machine he and his wife have been eyeing – but they doubt they'll be any left over for the booze. Federal economists have calculated that the nation’s losses in corn - its largest crop by harvest and export volume - amount to just a penny per bushel, a pittance farmers call absurd.
The U.S. Environmental Protection Agency (EPA) has rejected requests from the corn lobby to reallocate biofuel volumes waived under its small refinery exemption program into its 2019 mandate, an agency official told Reuters on Tuesday. The move is likely to infuriate the powerful corn lobby and top officials in the U.S. Department of Agriculture, who have complained for months that an expansion of the EPA's refinery waiver program under the Trump administration threatens demand for crucial farm products like corn-based ethanol.
Green Plains Inc, the nation's fourth-largest ethanol producer, has permanently shuttered a Virginia production plant and cut output at several other facilities as it tries to navigate a supply glut that has pummeled biofuel profits. Green Plains announced on Thursday that it was closing a plant in the town of Hopewell that had capacity to produce 60 million gallons annually. With ethanol plants in Corn Belt states such as Iowa and Illinois struggling to make money, further-flung facilities have been under even more pressure as bringing in corn from far away boosts feedstock costs.
North American farmers are finding increased levels of a plant toxin known as vomitoxin in this year's corn harvest, adding insult to injury for growers already suffering as the U.S.-China trade war hurts soybean exports and crop prices. Vomitoxin sickens livestock and can also make humans and pets fall ill, and grain buyers can reject cargoes or fine farmers for shipments that contain it. More cases than normal are likely in the corn crop because wet weather this autumn caused the fungus to develop while delaying harvests, Iowa State University grain quality expert Charles Hurburgh said on Monday.
Since the mid-2000s, North Dakota farmer Paul Thomas has planted more of his land with soybeans as China's demand for the oilseed grew. The shift culminated this year when Thomas planted 1,600 of his 5,000 acres with soybeans, the most ever. The change will reverse a trend that saw U.S. farmers plant more acreage this year with soybeans than corn for the first time in 35 years.