Corn Closes Lower Ahead of SAF Announcement
Corn futures closed out the Tuesday session with most contracts fractionally to 3 ¼ cents lower and May up ¼ cent.
On Tuesday, the Biden administration released its guidance on SAF feedstock, allowing corn based ethanol to qualify only if producers use practices such as no-till, cover cropping, and efficient fertilizer application.
Weekly Crop Progress data showed IN 5% behind normal planting pace, with NE 1% below normal, as OH and IL were even with the average pace. IA was reported 11% faster than normal, with MO 23% above the 5-year average pace and MN running 12% ahead of pace. More precip is making its way back into the central Corn Belt for early next week after storms make their way across this week.
May 24 Corn closed at $4.39 1/2, up 1/4 cent,
Nearby Cash was $4.27 1/1, up 1 3/4 cents,
Jul 24 Corn closed at $4.46 3/4, down 2 1/2 cents,
Dec 24 Corn closed at $4.69 1/2, down 3 1/4 cents,
New Crop Cash was $4.37 5/8, up 3/4 cent,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
