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U.S. corn and soybean futures eased and soyoil futures fell by their daily limit on June 11, 2021, after reports that the EPA was considering relief from biofuel blending mandates for oil refiners. Rain forecasts for the U.S. Midwest and northern Plains added pressure, and palm oil dropped 4-5% overnight.
Soybeans posted their sharpest weekly drop since January.
Expected weaker biofuel feedstock demand from possible mandate relief pulls soyoil and soybean prices lower. Palm oil weakness reinforces the downside across vegetable oils.
grainews.caGFM Network NewsJun 12, 2021After 351 past bearish policy events, SBO moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), and -0.2% over 20.
After 369 past bearish policy events, SOY moved a median -0.2% over 5 sessions (46% higher; middle half -1.7% to +1.8%), and +0.8% over 20.
After 310 past bearish policy events, CORN moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% over 20.
After 400 past bearish policy events, PALMOIL moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.1%), and +0.2% 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.
On June 11 soyoil fell its daily limit on reports the EPA may relieve refiners from biofuel blending mandates, cutting the main demand driver and starting the decline within the window.
On June 11 soyoil fell limit-down on EPA biofuel mandate relief reports and palm dropped 4-5% overnight, a key channel through substitute-oil prices.
On June 11 soyoil fell limit-down on EPA biofuel mandate relief reports and palm dropped 4-5%, a direct spillover that drove the window's steepest losses.
