Corn and soybean trade under pressure today following the ruling of the US Supreme Court. The Supreme Court ruled that the Environmental Protection Agency has power to exempt a number of refiners from federal biofuel quotas. Ruling is favourable for small US refineries as they may not be forced to mix renewable fuels into gasoline and diesel. It also hints at potentially lower demand for soy oil used in biomass diesel as well as on lower demand for corn used in ethanol production in the United States. CORN trades over 2% lower today while SOYBEAN drops over 7%. However, it should be noted that futures contract rollover contributed to an outsized drop on SOYBEAN.
CORN drops over 2% today and tests a resistance zone ranging around 530 handle, that acted as a lower limit of the trading range in Q1 2021. Source: xStation5
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