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Senators Hawley and Blunt joined a bipartisan group in writing to USDA to request extra CCC funding for biofuel producers hurt by COVID-19. The letter says reduced motor fuel use has forced plants to idle or close and that corn and soybean prices have dropped.
Additional federal aid for biofuel plants would support corn and soybean oil demand and help firm feedstock prices. The request is still pending and depends on USDA action.
hawley.senate.govsmwApr 8, 2020After 318 past bullish policy events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), and -0.2% over 20.
After 356 past bullish policy events, Soybeans moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
