🌽 Overall Market Theme
“Tale of two cities” in the grain markets:
Row crops (corn & soybeans): Higher
Wheat: Lower
Key driver:
Crude oil higher → boosting biofuels → supporting corn & soybeans
Additional support:
Strong ethanol usage (DOE report)
🌱 Soybeans (Higher 📈)
May: +3.5¢ → $11.67
July: +3.5¢ → $11.83½
November (new crop): +2.75¢ → $11.57
Why:
Strong soybean oil market
Biofuel demand tied to higher crude oil
