3 Big Things Today | March 29, 2023
1. Corn up 4¢ overnight; grains in the green overall
Corn is currently up 4¢ and soybeans are up 1⁄2 of a penny.
CBOT wheat is up 13¢. KC wheat is up 14¢. Minneapolis wheat is up 7¢.
Al Kluis, managing director for Kluis Commodity Advisors, says grains were up on Tuesday in response to active fund buying and forecasts for a late U.S. spring.
For outside of the U.S., Kluis notes on the Dalian Commodity Exchange in China, corn and soybeans are higher while on the MATIF exchange in Europe, wheat futures are 3¢ a bushel higher at $8.72.
2. Iowa association renews biodiesel credit program
The Iowa Renewable Fuels Association announced yesterday it is renewing and expanding the On-Farm Biodiesel Credit Program by making $45,000 available to Iowa farmers who choose biodiesel.
On a first-come, first-served basis, farmers filling their on-farm fuel tanks may receive 25¢ per gallon for B11 (a fuel blend of 11% biodiesel and 89% petroleum diesel) and 50¢ per gallon for B20 (20% biodiesel) up to a $500 credit.
The association launched the program in 2022. For the inaugural year, $35,000 served nearly 100 farmers.
Lisa Coffelt, marketing director for the association, says the program provides farmers with an incentive to try B11 or move to B20.
“Biodiesel is a win for agriculture on multiple levels as it adds value to soybean oil, corn oil, and animal fats,” says Coffelt. “It is supported by John Deere and CASE IH engines. We are looking forward to putting more money in farmers' pockets this year as we expand biodiesel distribution.”
See program requirements and application here.
3. Pacific storm hitting the western United States
The National Weather Service (NWS) reports a storm on the Pacific is brining heavy rain, mountain snow, high winds, and colder temperatures to portions of the West Coast through Thursday.
The California coast and part of the Oregon coast face alerts such as a gale warning, hazardous seas warning, and small craft advisory.
Even parts of the Alaskan and Hawaiian coasts are under alerts.
Also happening today, the Northeast faces a chance for snow showers.
"While any snow accumulations are not expected to be particularly high, the snow that does fall is expected to come with snow squalls producing brief very heavy snow rates and gusty winds, leading to rapid onset whiteout conditions and dangerous travel," says the National Weather Service.
There is also potential for a flash freeze that leads to icy roads, NWS says.
Concerning the middle of the country, NWS says a strong storm is forecast to develop over the central Plains Thursday, bringing threats of heavy snow.