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Chicago soybean rebounds, corn falls on official three-year target

Xinhua, May 30, 2015 Adjust font size:

Chicago Board of Trade (CBOT) soybean rebounded Friday, while corn settled lower and wheat fell sharply on drier weather of U.S. Plains. The most active corn contract for July delivery fell 2 cents, or 0.57 percent, to close at 3.515 U.S. dollars per bushel. Wheat for July delivery dipped 11.75 cents, or 2.40 percent, to close at 4. 77 dollars per bushel. July soybeans added 8 cents, or 0.86 percent, to close at 9.34 dollars per bushel.

For the week, soybean gained 1.05 percent, while corn and wheat decreased 2.36 percent and 7.42 percent, respectively.

The U.S. Environmental Protection Agency (EPA) announced Friday the U.S. ethanol mandate of corn-ethanol levels should be 13.4 billion gallons this year and 14 billion for 2016. Analysts noted that the proposed levels are short of those set in a 2007 federal law and also did not meet the demands of biofuel industry, pressured on corn lower Friday.

Meanwhile, EPA raised its target for use of biomass-based diesel. The biomass-based diesel mandate rose from 1.63 billion gallons in 2014 to 1.70 billion gallons in 2015, 1.80 billion gallons in 2016 ,and 1.90 billion gallons for 2017. Analysts noted that this is bullish for soybean as soyoil is a key feedstock of biomass-based diesel in the United States, the announcement led to massive fund buying of soyoil and soybean on Friday. CBOT floor brokers reported that funds have been huge buyers of 12,000 contracts of soyoil and 5,000 contracts of soybeans, according to Agresource, a Chicago-based Institute. For the wheat, analysts noted that drier forecast for the U.S. plains eased concern of damage to wheat. Endite