Futures Close Report: 26th Sept 2017

The U.S. Environmental Protection Agency on Tuesday said it was seeking comment on a proposal to reduce 2018 biodiesel blending requirements into the domestic fuel supply.  This could reduce domestic demand of the Soybean oil, which is the main feed stock for the biodiesel production.

Planting progressing on Russian black sea production areas with planting reported on 64% of planned areas. (11.2 million ha) slightly ahead of last years pace.  Analyst Sov Econ reported that The high pace of planting paves the way for Russia’s total area to match or even surpass last year’s record winter grain sowing area.  In Ukraine, this year’s harvest was just below the 2016 record after rains delayed plantings. However, conditions are more favourable for next year’s crop and Ukrainian farmers have already sown winter grain on 35 percent of the total area, or on 2.5 million hectares, including 2.4 million hectares of winter wheat. Weather conditions for the region remain fair as planting continues.