Soybeans & Corn Rally on Biofuel Rumors + USDA is Probably Overestimating the Corn Crop

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.0:00 Biofuel Rumor Rally4:18 Crop Tour and USDA8:37 Export Sales13:30 Drought Monitor15:53 USDA Funding Cuts🌽🚜 Grain Market Update: Biofuel Battles, Record Crops & Export Surprises! 🌎📈🔥 Big EPA Decision Coming TodayThe EPA is expected to rule on 195 small refinery exemption (SRE) requests this afternoon. Traders are buzzing after yesterday’s rally in corn, soybeans, and soybean oil—many believe someone knows something ahead of the news. A supplemental rule could also drop next week to decide if big refiners must reallocate exempted gallons, a move farm groups strongly support and oil refiners strongly oppose. 💥⚖️🌱 Pro Farmer Crop Tour – Minnesota & Iowa ResultsScouts found record-breaking crops in both states:🌽 Minnesota corn pegged at 199.6 bpa, smashing the old record & up 23% from last year!🌱 Minnesota soybeans also set a new all-time pod count record.🌽 Iowa corn estimated at 198.4 bpa, with soybeans also setting a tour record.Final national results from the tour are expected today. 📊🚢 Export Sales – Big Corn BusinessUS corn exports were 🔥 last week at 2.9 mmt (113 mil bushels), a massive 40% jump from the week prior. Unknown destinations led the charge. Soybean sales were also strong at 1.1 mmt, though China remains absent. Wheat sales lagged, with Mexico as the top buyer.🌦️ Drought Monitor UpdateDry weather tightened conditions across the Eastern Corn Belt (Ohio, Kentucky, Indiana, Illinois, and Missouri). North Dakota improved, while Kansas & Oklahoma worsened slightly.Current US drought exposure:🌽 Corn – 5%🌱 Soybeans – 9%🌾 Winter Wheat – 31%🌾 Spring Wheat – 14%🐄 Cattle – 15%🏛️ USDA NewsThe USDA plans to close the Beltsville Agricultural Research Center, a move critics warn could disrupt vital research. Meanwhile, NASS, the agency behind crop estimates, faces budget cuts and staffing shortages, raising questions about future reporting accuracy.👉 Don’t forget to like 👍, subscribe 🔔, and drop a comment 💬 with your thoughts on today’s EPA ruling and crop tour results!