Soybean futures jumped on Tuesday on ideas of a higher US biofuel mandate. Corn and wheat also ended higher on the day.
Reports said soybeans gained amid news that representatives of American biofuel and crude oil groups would meet the Environmental Protection Agency to discuss potentially raising federal mandates for biomass diesel blending. The current mandate is 3.35 billion gallons, with expectations it could be pushed up to 5.5 billion to 5.75 billion. Soybean oil saw particularly strong gains on the day. The soybean market also continued to be underpinned by yesterday’s USDA prospective plantings report which put 2025 US soybean intentions at 83.5 million acres, slightly below the average trade guess. May beans climbed 19 ½ cents to $10.34 ¼, and November was up 20 cents at $10.39 ¼.
Corn moved higher on fresh buying to start the new quarter, with the gains in soybeans also providing support. May corn gained 4 ½ cents to $4.61 ¾, and December was up 7 ½ cents to $4.49 ½.
Wheat continued to draw support from the prospective plantings report, which showed 2025 US all wheat area below expectations. The strength in corn and soybeans offered a further boost. May Chicago wheat was up 3 ½ cents to $5.40 ½, May Kansas City added 8 ¼ cents to $5.65 ¼, and May Minneapolis was 2 cents higher at $5.94.
