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Futures Close Report 5th  June

Wheat markets firm on weather again.  Dryness is raising worries over world supplies in parts of Russia, the world’s top exporter, and Australia, typically the world’s No. 4 supplier.

Trump administration in the US has delayed indefinitely the proposed review of US Biofuels blending policy – a move which was perceived to support the Oil lobby and the expense of the Farming lobby.  The Renewable Fuels Standard requires oil refiners to mix increasing volumes of biofuels like ethanol into the nation’s fuel each year, and prove compliance by earning or acquiring blending credits that must be handed in to the Environmental Protection Agency.  The law has helped Midwest corn farmers by creating a 15-billion-gallon-a-year market for ethanol, but refining companies have complained it incurs steep costs for them.