NTR - Corn and soybeans close in on all time highs as more food goes into the gas tank

Corn (C_1:COM) prices surpassed $8.00 per bushel Monday, up ~3% in early trading, marking a 10-year high and narrow discount to all-time highs reached in 2012. Soybean (S_1:COM) prices followed corn prices higher, up ~2% on the day, hitting a fresh 10-year high and trading less than 1% below all-time highs reached in 2012. The latest "Short Term Energy Outlook" published by the Department of Energy called for a 24% increase in bio-diesel consumption in the US during 2022, following conversion of nearly 1mb/d of oil refining capacity into largely soybean-fed bio-diesel production. Further, just last week, the President waived ethanol blending caps for summer 2022, allowing more corn to be processed and blended into the gasoline pool. Despite efforts to reduce fuel prices, refining margins sit at record levels while the UN food price index posts new all time highs: While rising food prices support fertilizer producers like CVR (UAN),

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Corn and soybeans close in on all time highs as more food goes into the gas tank