Changeable federal policies are seen as risky to companies making
large infrastructure investments in ethanol. Supporters seek government loan
guarantees to help boost pipeline projects.
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As scouts on the Pro Farmer Midwest Crop Tour converge on Iowa, corn
yields get better, though some yield potential has been lost in Illinois.
Soybeans show more pods, but will need rain and time to fill, and soil
conditions stay dry.
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USDA's weekly export sales report should be considered bearish for
the corn and soybean markets Thursday, while wheat export sales should be
viewed as bullish, said DTN Analyst Elaine Kub.
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The South American 2008-09 soy crop will see some minor expansion in
October of nearly 4 percent, according to preliminary estimates by regional soy
consultancy Safras and Mercado.
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Elanco's parent company Eli Lilly has purchased
milk-production-boosting Posilac from Monsanto and reassures producers and
consumers it is safe.
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