CORN: Corn futures are called 7 to 9 cents higher on the open, Brugler Marketing said.
Conflicting stories about a single Brazilian state reinstating a 25% intrastate tariff on ethanol confused a lot of folks yesterday. The U.S. exported over 1/3 of its total ethanol exports to Brazil in 2011, so the issue is of interest, Brugler Marketing said. Shipments to Brazil were already expected to slow down sharply after March or April when Brazilian sugarcane availability ramps up seasonally.
SOYBEANS: Soybean futures are expected to trade 8 to 10 higher, Brugler Marketing said.
US biodiesel production surged to 160 million gallons in December, putting the annual total near 1.1 billion. Oil World cut its estimates of soybean crops in Brazil and Argentina for the 2012 crop because of the La Nina drought, Brugler Marketing said. Oil World predicts global needs will shift to the U.S. on crop shortfalls in South America.
As seen on marketwatchonline.com
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