The U .S. Biofuels Act so the Corn, Soydrop, Soy oil down for the Concerns about the need for fuel fodder fell by the daily trade limit last Friday.
U.S. Forecasters forecast increased crop yields in some parts of the Midwestern and Northern Plains. The U.S. Environmental Protection Agency says it is considering ways to provide relief to oil refineries. Reuters reported.
Craig Turner, the senior broker at Daniels Trading, said, “The biofuel news boosted the market, and you got a little rain in Dakota and a 4% to 5% drop in Palm oil overnight.
Chicago Chamber of Commerce Soybeans fell 4.8% in July Weekly fall from mid-January.
The second weekly advance corn July 14-1 / 2 cents at $6.84-1 / 2 low, but ended the week 0.2%.
July Soyoil futures fell 3.48 cents to 66.98 cents, down 3.5% from the daily trading limit.
In the wake of the eagerly awaited U.S. corn and soy acre report later this month, grain markets are focusing on the weather in the United States and South America, where drought has reduced corn production in Brazil, but good weather has boosted Argentina’s crop.
Wheat futures also plummeted on Friday after recent rains in top-producing North Dakota.
CBOT July wheat was down 3 cents to 80 6.80-3 / 4. July hard red winter wheat was down 2-1 / 4 cents to 38 6.38. Minneapolis spring wheat for July delivery was down 10-3 / 4 cents to $ 7.64-3 / 4.