We kicked off the day with MBA 30-Year Mortgage Rate, MBA Mortgage Market Index, MBA Mortgage Refinance Index, MBA Purchase Index and MBA Mortgage Applications at 6:00 A.M., Redbook YoY at 7:55 A.M.,2-Tear FRN Auction and 17-Week Bill Auction at 10:30 A.M., 5-Year Note Auction at 12:00 P.M., FOMC Minutes at 1:00 P.M., Milk Production at 2:00 P.M., and Energy Stocks at 3:30 P.M.

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On the Corn Front China’s Ministry of Agriculture  and Rural Affairs vowed on Tuesday to further expand the scope of pilot projects for the industrialization observers called a significant step to the legalization of GM crops in the world’s second largest economy amid efforts to bolster its food and security. The ministry also stressed efforts to strengthen supervision of the technology in accordance with the law. Efforts such as accelerating breakthroughs in key technologies and expanding soybean production areas are highlighted in the statement. “China will promote GM pilot projects inline with the international standards in an orderly manner this year, and if trials go smoothly and successfully legalization may take place this year,” Li Guoxlang, a research fellow at the Chinese Academy of Social Sciences, told the Global Times on Tuesday. However, Li stressed that the test will only involve animal feed rather than human food , due to uncertainties and safety concerns. “China has conducted careful preparations and strict evaluations for domestic planting of GM crops for many years, and it won’t take a “huge jump” in the area as some media predicted,” Li said. This information source was Shen Weidu and the Global Times. Meanwhile, Brazil rains have delayed harvest, and planting of the second corn crop. Showers provide some relief in the growing ragions of Argentina and across Brazil’s RIO Grande do Salin in the week -ending Feb 18^th, but showers need to continue in order to improve crop conditions reporting Krissy Klinger with Successful Farming. In the overnight electronic session The March corn is currently trading at 678 ¼ which is 2 ¼ cents lower. The trading range has been 681 ½ to 677 ¾.

On the Ethanol Front the government of Japan at the beginning of the month issued proposed biofuel standards for 2023-2027 that address both ethanol and sustainable aviation fuel (SAF). The USDA predicts increased ethanol demand through 2030. An Iowa bill aims to implement new requirements for CO2 pipelines. The Iowa Fuels Association has spoken out against the legislation. This just shows the interest in biofuels, corn, ethanol and soybeans in the coming days or years. There were no trades or open interest in ethanol futures.

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