The Supreme Court ruling favoring oil refiners seeking waivers from the Renewable Fuels Standard will impact demand for corn and soybean oil. “They’re thinking it could slow biofuel demand, slowing down ethanol and oil demand for biodiesel,” said Randy Martinson, president, Martinson Ag Risk Management. Traders digested the news and quickly moved back to trading the weather and the June 30 the USDA reports. “The acreage report is expecting higher corn acres, but not much change for soybeans and lower wheat acres. There’s also a hot and dry forecast ahead.”
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