(Bloomberg) -- For all the talk of a commodities boom, some markets have now wiped out gains for the year and several more are close to doing so.Soybean futures have erased their 2021 advance, sliding more than 20% from an eight-year high reached in May, while corn and wheat have also tumbled. The Bloomberg Grains Spot Subindex slid the most since 2009 on Thursday, before edging higher on Friday as markets recovered some losses. Other commodities that have seen their big rallies evaporate includ
(Bloomberg) -- The Biden administration is developing targets for biofuel that are likely to be relatively flat or even lower as it seeks to balance the interests of blue-collar refining workers and advance a clean-energy agenda.The Environmental Protection Agency is set to propose renewable fuel requirements within weeks, according to several people familiar with the strategy who asked not to be named before a formal announcement. The targets will dictate how much corn-based ethanol, biodiesel
U.S. corn supplies will be smaller than previously forecast due to rising demand from the ethanol and export sectors, the government said on Thursday. In its monthly World Agricultural Supply and Demand estimates, the U.S. Agriculture Department pegged that corn ending stocks in the 2020/21 marketing year that ends Aug. 31 will fall to 1.107 billion bushels, down from its May outlook for 1.257 billion bushels. For 2021/22, corn ending stocks were seen at 1.357 billion bushels compared to the May forecast for 1.507 billion bushels.