On the Grains Grains are mixed in overnight trade. As of 6 am, corn was steady to firm and beans firmer yet, while wheat was soft. To nobody's surprise, the EPA missed the Friday deadline to announce final rules on how ethanol can meet specs for Sustainable Airline Fuel (SAF). Now we await several more weeks before they'll say exactly how farmers can help meet those specs by supplying refiners with corn grown under "climate-smart" methods as well as other things winning "credits", such as use of wind or solar on the farm. Beans are firmer despite dueling estimates for the size of Brazil's crop. Some private firms are now even lower than our own estimate at 145 MMT, but StoneX just revised their estimate upward to 151.5 MMT from 150.35 previously. We have the March WASDE due Friday. There's no doubt USDA will come down from 156 MMT, the only question is by how much. Pre-release trade estimates will be closely watched for that reason. War risk premium is still warranted. It was revealed over the weekend that Iran has even considered building a naval base in Sudan to more efficiently supply their Houthi proxies with aid attacking Red…
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