05.17.2024
Uncertainty with 45z tax credit may affect Q1 2025 biofuel contracts
The expiring BTC provides a one dollar per gallon blenders credit up front with an additional 30 to 40 cents of credit to producers on the backend. Crimson...
Trading for corn gluten products remained relatively steady for feed, while values for corn gluten meal showed a decrease in the current price range for Iowa. Market participants noted that corn gluten meal may continue to decrease, in line with soybean meal.
Most CME grain prices were on a downward trend on Wednesday. The only grain that increased was January soybeans, which jumped $0.035 and closed at $13.16/bu. March wheat decreased $0.1325 and settled at $6.23/bu. Additionally, January soymeal dropped $4.30 and closed at $398.90/st, and March corn fell by $0.0375 to $4.76/bu. Despite minor gains in soybean prices due to technical buying, wheat prices plummeted by double-digits. Analysts continue to view demand for U.S. wheat as weak, while also acknowledging the strong production in Russia.
Weekly Soybean Crush
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