CHICAGO- US soybean futures fell to their lowest in nearly two months on Friday and corn set a near one-month low on macroeconomic concerns along with beneficial rains in the western Midwest and Plains, analysts said.
Soyoil futures fell more than 5 percent on reports that the US Environmental Protection Agency (EPA) will recommend lowering the nation’s biofuel blending mandates for 2021.
Wheat futures followed the weaker trend.
Chicago Board of Trade November soybeans settled down 29-1/4 cents at $12.90-3/4 per bushel after dipping to $12.77-1/4, the contract’s lowest since June 28.
Benchmark December soyoil settled down 3.27 cents at 56.65 cents per pound, paring losses after falling its daily 3.5-cent maximum. CBOT December corn ended down 13-3/4 cents at $5.37 a bushel after hitting $5.32-1/2, its lowest since July 26.
Soyoil is the main US feed stock for biodiesel fuel and corn is used for ethanol.
The EPA is expected to recommend to the White House reducing federal biofuel blending mandates for 2021 to below 2020 levels, two sources familiar with the matter said on Friday, in what would be a blow to the biofuels industry.
