HAMBURG: Chicago soybeans were flat on Monday after hitting two-month highs on Friday, as dealers assessed exemptions granted to US crude oil refiners for use of soy-based biofuels.
Corn firmed after a crop tour forecast the US harvest below estimates from the US Department of Agriculture (USDA). Wheat rose on hopes of US export sales with Black Sea prices robust. Chicago Board of Trade most-active soybeans were unchanged at USD10.58-1/2 a bushel at 1150 GMT.
Corn rose 0.7 percent to USD4.14-3/4 a bushel, wheat gained 0.7 percent to USD5.31-1/4 a bushel. The US Environmental Protection Agency on Friday approved most backlogs of requests by small oil refineries for exemptions to compulsory biofuel use, raising concerns over reduced demand for renewable fuels often produced from soy.
“Soybeans are slightly lower as the market assesses the impact of biofuel exemptions on soy demand,” said Matt Ammermann, StoneX commodity risk manager. “It seems the exemptions leaned a bit larger than expected, but there is still so much detail to be settled that the market is having difficulty pricing the news in.”
“There are still no concrete signs of possible demand for US soybeans from China.” There was market talk last week China was seeking US soybeans following the US/China trade war.
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