Corn and Soybeans Fall in the US; Soybean oil drops amid biofuel concerns

By Karl Plume

CHICAGO, US, Jun 11 (.) – US corn and soybean futures fell and soybean oil futures fell their daily limit on Friday, on concerns about demand for renewable fuel feedstocks, following It was learned that the White House was considering offering fuel refineries relief from biofuel blending mandates.

News from . that the US Environmental Protection Agency was studying how to offer relief to oil refineries accelerated the pressure for profit-taking at the end of the week.

Forecasts called for some rains that would boost crops in parts of the US Midwest and North Plains.

“News on biofuels scared the market, there is some rain in the Dakotas […] and palm oil fell between 4% and 5% overnight. All of that is weighing down, “said Craig Turner, senior agricultural broker at Daniels Trading.

Soybeans for July in Chicago were down 31.5 cents at $ 15.1250 a bushel at 1538 GMT and July corn was down 14 cents at $ 6.85 a bushel.

Soybean oil futures for July fell to the daily trading limit of 3.5 cents and were down 3.30 cents to 67.16 cents per pound.

Pending a long-awaited US corn and soybean acreage report to be released at the end of the month, grain markets will focus on weather in the United States and South America, where drought has reduced corn production in Brazil, but good weather has boosted the Argentine harvest.

Wheat futures were also down on Friday, led by a sharp drop in spring wheat prices following recent rains in major producer North Dakota.

CBOT July wheat fell 0.5 cents to $ 6.8325 a bushel and hard red winter wheat in Kansas was down 1 cent to $ 6.3925. Minneapolis spring wheat for July delivery fell 11.5 cents to $ 7.64 a bushel.

(Reporting by Karl Plume in Chicago; Additional reporting by Gus Trompiz in Paris and Colin Packham in Canberra; Edited in Spanish by Javier López de Lérida)

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