COM - Corn futures climb on Biden's biofuel plans Ukraine supply worries

U.S. corn, wheat and soybean futures all gained on Tuesday, supported by ongoing concerns about disruptions caused by Russia's war on Ukraine, with an extra sprinkling of optimism over increased demand for biofuels. President Biden's plan to waive the 10% ethanol blending cap, which would permit retailers to blend 15% ethanol into the gasoline stock between June 1 and September 15 - a time when it is normally banned because of smog concerns - is "friendly for corn, and potentially for (soy-based) biodiesel too," Ted Seifried, chief agriculture strategist for the Zaner Group, told Reuters. The president's decision "could add another 25M-45M bushels of corn to the U.S. ethanol grind amid the additional demand," AgResource said. May corn futures (C_1:COM) in Chicago settled +1.5% to $7.76 1/4 per bushel after reaching $7.79, the contract's highest since March 7, while July wheat (W_1:COM) ended +2.2% to $11.12 1/2 per bushel, helped

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Corn futures climb on Biden's biofuel plans, Ukraine supply worries