Thursday May 15th, 2025

• The market is mixed this morning, soybeans retreat from highs, corn is flat and wheat is in the green.
  • Bean futures down sharply in the overnight session following the downward spiral of soyoil, amid biofuel policy pessimism.
  • Rallies continue to meet resistance from the abundance of rain due across the Central US in the next 10 days, easing of any early summer drought concerns.
• The EPA is expected to finalize the rulemaking process for the Renewable Fuel Standard (RFS) in the coming months.  The market was expecting the announcement in the coming weeks – not months.
• Ethanol output plunged to the lowest level in more than a year, while inventories rose week to week.  Stock levels continue to sit above the 3 year range.
• The impact of May frosts on Russian crops has been minimal.