Biden prevents clawback of 84% of IRA Clean Energy Grants
A White House official confirmed on Friday that the administration of U.S. president Joe Biden has protected around 84% or $96.7 billion worth of clean energy grants made by its signature climate legislation from being clawed back by any future administration. The Inflation Reduction Act grants have "been obligated" meaning that contracts have been signed by U.S. agencies with recipients.
Corn prices surge, triggering a wave of sales by US farmers
Iowa farmer Caleb Hamer picked up his phone this week and called a local buyer of corn, eager to get his grain sold as the prices rose to their highest levels in over a year. Grain dealers in Iowa Illinois Indiana and Nebraska reported that farmers across the Midwest increased crop sales after corn and soybean futures spiked on Friday when the U.S. Department of Agriculture cut its harvest estimate for 2024.
After a 2-session rally, VEGOILS - Palm trades lower as profit booking occurs
Malaysian palm futures fell on Tuesday, as investors took profits after two sessions with sharp gains due to lower palm oil inventories and rising oil price. By midday, the benchmark March palm oil contract on Bursa Derivatives Exchange had fallen 4 ringgit or 0.09% to 4,496 Ringgit ($999.11). The market is at a crucial juncture with a bullish momentum fueled by rising oil prices and lower palm oil inventories.
Palm ends stronger on soyoil at Dalian, Chicago
Malaysian palm futures closed higher Monday, following the strength of rival soyoil markets in Dalian and Chicago. The benchmark contract for palm oil delivery in March on the Bursa Derivatives Exchange increased 113 ringgit or 2.57% to 4,504 Ringgit ($999.11). A Kuala Lumpur trader stated that the market today is monitoring external performance of Dalian soyoil and Chicago soyoil.
Palm gains strength over soyoil at Dalian, Chicago
Malaysian palm oils futures continued to rise on Monday, following the strength of rival soyoil in Dalian and Chicago. By midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange rose by 93 ringgit or 2.12% to $4,484 ringgit (US$994.90) per metric ton. A Kuala Lumpur trader stated that the market today is monitoring external performance of Dalian soyoil and Chicago soyoil.
RPT: How Trump's proposed tariffs could affect commodities and energy
Donald Trump, the president-elect of the United States, pledged on Monday to impose tariffs on three of its largest trading partners: Canada Mexico and China. He explained how he would implement his campaign promises which could lead to trade wars. The following commodities and energy sectors may be affected. According to government statistics…
What impact Trump's tariffs on commodities and energy might have
President-elect Donald Trump on Monday pledged tariffs on the United States' three largest trading partners - Canada, Mexico and China - detailing how he will implement campaign promises that could trigger trade wars. Canada exported some $177.19 billion in energy products to the United States in 2023, according to government data. Canada's crude imports make up more than a fifth of all the oil that U.S.
Exporters group says Brazil is likely to export record volumes of soybean meal by 2024.
According to the local grain traders' lobby Anec, Brazil's soybean meals exports will likely set a record in 2024, surpassing the previous best mark recorded in history in 2023. According to the US Department of Agriculture, Brazil will once again be the world's second largest soybean meal exporter in 2023/24. It had previously been the leader in 2022/23…
Holiday schedule for US economic and other data
Veterans Day, a federal holiday, will impact the release of major economic, energy, and commodities reports that originated from Washington or were filed there during the week of November 10. The schedule is below. The times are in GMT/EST. Some Treasury announcements may be subject to change. Veterans Day holiday. Federal government offices and the bond market are closed.
Canada's renewable fuel projects are hit by a surge in US imports
Canadian renewable fuel producers will see lower returns from new facilities as a result of a slump in British Columbia’s low-carbon fuel standard (LCFS). This trend is expected to continue amid an influx of US exports. The weakness in British Columbia's LCFS Credit Market reflects the growing pains of the international biofuels sector, where…
Holiday schedule for US economic and other data
The Columbus/Indigenous Peoples Federal Holiday on Monday, October 14, will affect the release of major economic, energy, and commodities reports during the week of Oct. 13. Treasury Department will announce the release date of the Monthly Budget in October. Due to reporting requirements for the end of fiscal year, the September report was delayed. The schedule is below. The times are in EDT/GMT.
Exports of US ethanol are surging, but production is booming -Braun
The U.S. ethanol stock dropped last week despite a surge in production. This was partly due to the sharp rise in gasoline demand which reached three-year highs. Even though the production of corn-based ethanol has been setting records, record exports of the fuel additive have kept the U.S. supply in check. The abundance of cheap corn, and the relatively low prices of natural gas…
Exports of US ethanol are surging, but production is booming -Braun
The U.S. ethanol stock dropped last week despite a surge in production. This was partly due to the sharp rise in gasoline demand which reached three-year highs. Even though the production of corn-based ethanol has been setting records, record exports of the fuel additive have kept U.S. supplies under control. The abundance of cheap corn, and the relatively low prices of natural gas…
Oil Futures Markets Need More Transparency
Recent turbulence in the price of light sweet crude oil futures has highlighted how little is known about the positions of traders and their impact on the formation of prices.Exchanges and regulators see the positions of all members and traders on a daily basis but the information is confidential and not available to researchers even many…
U.S. Refinery Workers Push Biofuels Reform
A delegation of workers from U.S. oil refining companies that oppose the nation's biofuels policy will converge on Washington on Wednesday to try to convince lawmakers to find a way to lessen the regulation's costs without hurting corn farmers. The trip, organized by the United Steelworkers union, marks the latest move in a battle between Big Oil and Big Corn over the fate of the U.S.
US Ag Secretary Seeks to Calm Farmers after Biofuel Talks
U.S. Perdue made the comments a day after Trump hosted a meeting with Cabinet officials and senators to discuss potential changes to the Renewable Fuel Standard to help refiners who say they are struggling under the program. The RFS requires refiners to blend biofuels like corn-based ethanol into the nation's fuel. That meeting yielded no deal.
U.S. Ethanol Futures Soar on Hopes of Brazil Demand
U.S. ethanol prices <0#1ZE:> jumped to December highs on Friday, bolstered by hopes export demand, particularly to Brazil, will help draw down near-record stockpiles of the gasoline additive. Expectations that the arbitrage window to Brazil may widen stirred a flurry of buying in the thinly traded contract, with March Chicago Board of Trade…
NOAA: No Relief in Sight for Western US Drought
Drought pressures will increase in California and western areas of the United States this spring even as the dry season begins, the government's Climate Prediction Center said on Thursday. "Periods of record warmth in the West and not enough precipitation during the rainy season cut short drought relief in California this winter and prospects for above-average temperatures this spring may make the situation worse…
Sugar Slump Poses Threat to U.S. Ethanol Exports
Sugar and corn are two main feedstocks for ethanol. A sharp fall in global sugar prices poses a threat to U.S. ethanol exports and related demand for corn, Seth Meyer, chairman of the U.S. Department of Agriculture's World Agricultural Outlook Board, said on Tuesday. "That is certainly one area we will certainly keep an eye on because it is an area of risk.
US Solar Industry's Growth Region: Trump Country
President Donald Trump's administration has vowed to revive the coal industry, challenged climate-change science and blasted renewable energy as expensive and dependent on government subsidies. And yet the solar power industry is booming across Trump country, fueled by falling development costs and those same subsidies, which many Republicans in Congress continue to support.
