Wednesday’s soybean market analysis: Soybean futures showed relative strength to the flailing wheat and corn markets, following through on Tuesday’s gains.
EPA announced its decision to allow the use of the pesticide chlorpyrifos on crops, including soybeans, following a ruling by the U.S. Court of Appeals for the Eighth Circuit last month.
Hot, dry weather in Mato Grosso, Brazil’s top soybean producing state, is expected to reduce soybean production by around 20% in 2023-24, according to farmer group Aprosoja.
Corn-based ethanol and other renewable fuels likely will qualify for the SAF credit in relation to SAF produced and used in calendar years 2023 and 2024.
Brazilian soybean farmers are facing a dearth of seeds for their replanting efforts as suppliers have run out of the main varieties, Marino Colpo, chief executive of seed company Boa Safra Sementes, told Reuters.
