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🌽 Iowa's corn and soybean harvests are running well behind schedule, with just 4% of corn and 2% of soybeans harvested after persistent rain left farmers only two days suitable for fieldwork last week. 🌧️ The state averaged 3.6 inches of rain last week, and more is on the way, with the heaviest amounts forecast for western Iowa.
📉 Corn futures slipped about 6 cents to near $5.37 and soybeans fell about 3 cents to near $13.26 as traders awaited this week's Trump-Xi meeting and eyed drier forecasts that could speed up harvest. 🌾 Wheat also finished lower on hopes that a Russia-Ukraine truce could reopen Black Sea shipping.
🛢️ WTI crude fell 1.2% to $94.99 for its fifth straight daily decline, but fuel prices keep climbing, with gasoline at $4.48 and diesel hitting a record $6.53 per gallon. 🚫 President Trump voiced support for banning US diesel exports, though critics warn the move could disrupt supply chains and actually push pump prices higher.
🌱 A London-based think tank projects global biofuel production could jump roughly 70% by 2030, led by the US, Brazil, and Indonesia as countries raise blending mandates amid the energy crisis. 🌍 If all proposed mandates are implemented, feedstock production could require an additional 89 million acres, roughly the size of Germany.
📊 Kalshi has asked the CFTC for approval to offer leverage on its prediction-market event contracts in a bid to attract more institutional traders. ⚖️ Rival Polymarket is pursuing similar approval, while Kalshi plans to limit leveraged contracts to qualified self-clearing members if approved.