Commodities
Corn Futures Soar Amid Concerns Over US Refinery Waivers
Grain futures rose overnight as corn prices hit a contract high.
The American Soybean Association (ASA) expressed concern over reports that the US government may issue more small refinery waivers for the 2025 Renewable Fuel Standard (RFS) year. The ASA warned that this could result in a significant increase in exemptions, leading to a 500 million gallon decrease in biomass-based diesel demand and a $1 billion loss in revenue for farmers.
The US dollar index is up slightly, while crude oil prices are lower, trading around $80 per barrel. The yield on the benchmark 10-year U.S. Treasury yield is at 4.64%.