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Soybeans slide after EPA’s smaller-than-expected proposal affects soybean oil (NYSEARCA:SOYB)


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Soybeans fell in Thursday trade in Chicago, as soybean oil sold off sharply after the US government proposed smaller-than-expected biofuel blending requirements.

Soybean CBOT (S_1:COM) for the January delivery ended -2.7% up to $14.29 3/4 per bushel, forming a chain of 5 increasing sessions, because soybean oil for December delivery fell 9%.

Soybean weakness weighs heavily on corn (C_1:COM), with the March contract closed -first% to $6.60 1/2 per bushel and March wheat (W_1:COM) settled -1.6% to $7.83 a bushel due to disappointing export sales.

ETFs: (NYSEARCA:SOYB), (CORN), (Wet), (business administration), (CAT)

Soybeans and broader commodity markets are bullish, in part on signs that China may ease strict COVID-19 restrictions following rare public protests.

US Environmental Protection Agency suggest smaller gains than traders expected the amount of ethanol and other biofuels that refineries must mix into their fuels over the next three years.

The EPA’s proposed renewable fuel blending targets “significantly lack existing biomass-based diesel production and do not provide growth on investments already made by the industry to increase capacity” , including sustainable aviation fuels,” said the American Clean Fuels Alliance.

For renewable fuels, the EPA recommends a volume target of 20.82 billion gallons by 2023, less than 1% increase from 2022.

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