|Day's range||447.25 - 463.00|
(Bloomberg) -- The National Corn Growers Association launched an advertising campaign on President Donald Trump’s favorite television news source to step up pressure on the administration to curb exempting oil refineries from biofuel requirements.The ad, airing on Fox News in Washington, calls on the Environmental Protection Agency to halt “special favors to oil companies” and “stop betraying President Trump’s commitment to farmers.”The ads began airing Thursday and will continue into next week, according to a statement from the group. Liz Friedlander, a spokeswoman for the corn growers, declined to provide more information on the size of the ad buy.The waivers the EPA has been issuing on compliance with the Renewable Fuel Standard pits two factions of Trump’s political base -- farmers and oil companies -- against each other as the 2020 presidential election approaches.When Trump visited an ethanol plant in Iowa last week, Kevin Ross, a farmer and official with the corn association, speaking inches away from Trump, pleaded with the president to curb waivers that exempt refineries from complying with the mandate. The ad includes video of Ross’s comments.Trump didn’t address Ross’s waiver remarks on stage at the Southwest Iowa Renewable Energy LLC distillery in Council Bluffs, Iowa.The mandate compels crude processors to blend biofuels such as ethanol and biodiesel with petroleum, thereby boosting corn demand. Federal law authorizes the EPA to issue exemptions for small refineries facing a “disproportionate economic hardship,” and biofuel proponents argue the administration has handed out the waivers too freely.Scott Irwin, a University of Illinois professor of agricultural economics, estimated in a March 2019 study that refinery waivers reduced demand for biodiesel by 2.5 billion gallons from 2016 to 2019, causing a cumulative $7.7 billion loss in the market for the biofuel.Trump’s political opponents have pounced on the refinery waivers, with Democratic presidential hopefuls -- among those Amy Klobuchar and Kirsten Gillibrand -- blasting the exemptions.Waivers are handed out “in secret to help some of the largest oil companies and refiners evade their compliance obligations,” Klobuchar, Gillibrand and 10 other senators said in a letter to EPA Administrator Andrew Wheeler.(Updates with estimate of waivers’ impact in eighth paragraph.)\--With assistance from Mario Parker and Jennifer A. Dlouhy.To contact the reporter on this story: Mike Dorning in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Joe Sobczyk at email@example.com, Millie Munshi, Patrick McKiernanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- In May, the Toronto Star launched an in-depth series on climate change in Canada, with a straightforward title: “Undeniable.” It’s an apt description of the evidence within the reporting and elsewhere in publicly available data. “Undeniable” might be a useful descriptor, but let’s frame climate change differently: how this reality manifests itself within the human experience, and how politics are being shaped by that experience. Let’s begin with global average temperatures. Global surface temperatures have surpassed the 1951-1980 average every year since 1977, which means anyone born since has lived their entire lives in an already changed climate. In 2015, the global median age was just below 30, so a changing climate is the only thing most people on Earth have known.Different age groups have contrasting views of a climate of constant change and volatility. A recent Gallup poll separated Americans into three climate change cohorts:"Concerned believers" are highly worried about global warming, think it will pose a serious threat in their lifetime, believe it's the result of human activity, and think news reports about it are accurate or underestimate the problem. "Cool skeptics" hold the opposite views on the same four questions: They worry little or not at all about global warming, do not think it will pose a serious threat in their lifetime, think it's attributable to natural environmental changes, and think the news exaggerates the problem. Those in the "mixed middle" hold a combination of views. For instance, some believe global warming is caused by humans but aren't worried about it, while others express the reverse perspective — saying warming is a natural phenomenon, but they are highly worried about it.Those cohorts generally map to age: The younger the person, the more likely it is that they are a concerned believer. But extreme weather is moving public opinion on climate change, too. University of Illinois professor Scott Irwin showed just how dire this year’s intersection of extremely wet weather and the Corn Belt’s planting season is. By the 22nd week of the year in three previous years of extremely late corn planting, at least 80 percent of the crop was already in the ground. This year, the corn crop was only only 67 percent planted.That slowing planting progress comes as the U.S. just endured its wettest 12 months since 1895. There’s a trend in this pattern, too, similar to that in global surface temperature: above the 20th-century average not for years, but for decades. According to the National Weather Service, the Mississippi River’s June 9 crest in St. Louis was the second-highest, behind the 1993 record, and six of the river’s 12 major crests on record have occurred since 2013. For someone living in the area, those river crests probably don’t feel like outliers; they might begin to register as the new normal. The Economist, reporting from flooded Illinois, says “floods and storms are altering American attitudes to climate change.” This changing attitude can also be seen in the field of Democratic presidential candidates. Elizabeth Warren, who “has a plan for that,” has “My Green Manufacturing Plan for America.” Joe Biden has “Joe’s Plan for a Clean Energy Revolution and Environmental Justice.” Washington state Governor Jay Inslee has not only America’s Climate Mission, but also a plan for Global Climate Mobilization. In the same way that a changing climate is the reality for most people, it is becoming a political reality. A constantly changing climate is all that most people on Earth know. Perhaps it’s not a surprise that politics is catching up, and perhaps policy will as well. Markets, too, are catching up, as we’ll explore next week.Weekend readingGlobal carbon emissions rose the most in seven years in 2018. Oil has a demand problem, and the sector’s proved oil reserves metric is increasingly meaningless. Carbon pricing and climate risk disclosure will feature in an upcoming meeting between Vatican officials and oil company CEOs. The International Energy Agency has begun work on developing a scenario to hold global warming below 1.5 degrees Celsius that is compatible with the Paris Agreement. Two cruise ship lines emitted 10 times more sulphur oxide than all of Europe’s 260 million passenger vehicles while in European seas in 2017. Mary Meeker’s 2019 Internet Trends report runs 334 pages. You might want to read Rani Molla’s takeaways. Indigo Agriculture launched the Terraton Initiative, which seeks to remove “one trillion tons of carbon dioxide from the atmosphere” using agricultural soils. An interview with WeWork Co.’s first sustainability executive. Caracas is attracting a wave of migration from other parts of Venezuela.Get Sparklines delivered to your inbox. Sign up here. And subscribe to Bloomberg All Access and get much, much more. You’ll receive our unmatched global news coverage and two in-depth daily newsletters, the Bloomberg Open and the Bloomberg Close.To contact the author of this story: Nathaniel Bullard at firstname.lastname@example.orgTo contact the editor responsible for this story: Brooke Sample at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nathaniel Bullard is a BloombergNEF energy analyst, covering technology and business model innovation and system-wide resource transitions.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Soybeans is closing the week wiht losses while Corn is positive but the outlook remains uncertain as market awaits for more crops report.
Ted Seifried, Zaner Ag Hedge’s chief market strategist, talks to Yahoo Finance On the Move about the African swine fever and how extreme weather is impacting corn production in the U.S.
Wheat and corn are trading high as investors are betting on a shortage of production in both grains. Hard weather conditions are delaying planting.
Monday saw the US Department of Agriculture release its latest planting progress figures, with corn planting posting the slowest result since 1980 and soybeans showing the slowest print since 1996. Both commodities rallied in response.
Corn is trading higher for the sixth day in a row with prices reaching nearly one-year highs. Soybeans are pressure to the downside.
Shortly after the turn of the century, U.S. government officials banned methyl tertiary butyl ether, or MTBE, a gasoline additive that boosts octane. Demand for ethanol, and corn, got another huge boost when the U.S. government imposed rules calling for every tank of gasoline to contain 10% renewable fuels. How the agricultural sector responded, and what happened in commodity markets, is a tale worth remembering as more people shift from meat to vegetable protein.
WASHINGTON (AP) — The Trump administration is proposing to allow year-round sales of gasoline mixed with 15 percent ethanol, seeking to calm a dispute that has riled two politically important blocs — the oil industry and corn farmers.
To hear the Americans tell it, the Chinese have gone on a commercial crime spree, pilfering trade secrets from seed corn to electronic brains behind wind turbines. China has stripped the arm off a T-Mobile robot, the U.S. says, and looted trade secrets about robotic cars from Apple. The alleged victims are American companies, whose cases lie behind the U.S. complaints in the current trade talks.
The U.S. Attorney's Office in Cedar Rapids, Iowa, said in a filing Wednesday that potentially "tens of thousands" were defrauded by Randy Constant and his associates into paying a premium for products that they didn't want. Constant, of Chillicothe, Missouri, and three others have pleaded guilty and are awaiting sentencing. Constant, who owned an Iowa grain brokerage, acknowledged that he sold $142 million worth of corn, soybeans and wheat over a 7 ½ year period that wasn't organic despite his representations.
The Trump administration is moving to allow year-round sales of gasoline with higher blends of ethanol, a boon for farm states that have pushed for greater sales of the corn-based fuel.