As of 9:07 a.m. CT, the price of March corn has increased by 2¢, reaching $4.27¾ per bushel.
March soybeans have seen a rise of 8¢, now priced at $10.68¼ per bushel.
In the wheat market, March CBOT wheat is up 2¢ at $5.29¾ per bushel, while March Kansas City wheat has gained less than a penny, reaching $5.35½ per bushel. Conversely, March Minneapolis wheat has decreased by 1½¢ to $5.70.
This morning, the U.S. Treasury Department announced proposed guidelines for the 45Z Clean Fuel Production tax credit. Arlan Suderman, the chief commodities economist at StoneX, shared insights on how this development has impacted soybean oil prices during the overnight session:
"Prices for soybean oil surged overnight amid speculation that the Treasury Department was set to release the 45Z funding guidelines for the nation's biofuel initiative. This announcement did occur this morning. I am currently reviewing the extensive 170-page document, but it appears to confirm the removal of the indirect land use charge from the carbon intensity score formula, which is expected to boost the value of soybean oil by 30¢ for the production of renewable diesel and biodiesel. North American feedstocks are prioritized, and used cooking oil sourced from outside North America will be disqualified starting in 2026."
"Nonetheless, the significant influence of these guidelines will stem from the RVO [renewable volume obligation] blending requirements and the guidance concerning offsets to the small refinery exemptions issued last year. Various scenarios could unfold once the final EPA guidelines are revealed, which we anticipate will be published in late February or early March, depending on the duration of the current government shutdown. While the exact outcomes remain uncertain, we believe the White House is leveraging the biofuel program to bolster agricultural support, leading us to expect guidelines that will significantly enhance demand for feedstocks."
As of 9:07 a.m. CT, March feeder cattle prices have decreased by $1.03, settling at $365.33 per hundredweight (cwt). April live cattle are down $1 at $238.53 per cwt, while April lean hogs have dropped by 3¢ to $96.60 per cwt.
The price of March crude oil has increased by 53¢, now at $62.67 per barrel.
The U.S. Dollar Index for March has declined to 97.42.
Shortly after 9 a.m. CT, the S&P 500 Index fell by 30.20 points, while the Dow Jones Industrial Average rose by 29.09 points.
Published: 9:38 a.m. CT