Sep-23 futures traded narrowly during the week of Sep. 4. The contract began the short week with a modest 6.2-cent gain on Tuesday, Sep. 5, to build on the turnaround that appeared on Friday, Sep. 1. On Sep. 6, nearby futures managed to close above the 20-day moving average for the first time since mid-July, which promptly led to profit-taking. 

Dec-23 and Mar-24 futures also saw largely quiet trade last week, holding on to about half the gains achieved on Tuesday, Sep. 5, but showing an inclination to slide lower. 

The Biden Administration will likely delay a final EPA ruling regarding corn-based ethanol qualifying for sustainable aviation fuel (SAF) incentives. Opponents have argued this particular feedstock for SAF is counterproductive to the government’s emission-reducing goals. 

Discussions are revving up regarding the impending expiration of a ban certain EU countries have on Ukrainian grain imports. The agreement is up Sep. 15 with potential impact for Poland, Hungary, Romania, Bulgaria, and Slovakia. 

The full version of this commentary appeared on our IQ platform Sep. 8, 2023. Further information, statistics, and pricing for the corn market are available to IQ subscribers. Learn more about becoming a subscriber. 

Posted by: Information Services
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