04.26.2024
P66 Rodeo to begin producing SAF in Q3
Phillips 66 brought its long-awaited Rodeo Renewable Energy Complex online during the first quarter of 2024, but it is not producing sustainable aviation fuel (SAF) yet, the company said...
Reduced Corn and Soybean Acreage Sends Grains Higher
The USDA released their highly anticipated June Acreage and Quarterly Grain Stocks Reports this afternoon. The USDA pegged corn and soybean acreage at 175.8 million acres versus its March estimate of 180.5 million. Corn acreage was just over 92 million, well below the 96.99 million from the USDA March estimate. Soybean acreage is seen at 83.82 million versus the March estimate of 83.51 million. Somewhere along the way, the Ag community seems to have misplaced about five million acres of production.
The reduction in corn planting pushed December corn futures 15.75 cents per bushel higher. The acreage reduction could lead to a balance sheet decline of close to a half bushel per acre. The weekly…