Farmers made significant headway in planting progress last week. USDA shows nearly half of the country’s corn crop is planted and 35% of the soybean crop is now in the ground. There are several states setting records.

With old-crop corn bouncing 30 cents off the lows last week, Jon Scheve summarizes the market factors contributing to current price movement — and the reasons prices could rally.

A yet-to-be-realized provision in the Inflation Reduction Act could be the key for farmers to engage in measuring the carbon intensity (CI) of their grain. “If you raise 200 bu. corn with a CI score of 0, that’s $1.57 per bushel and an extra $314 in value. Now, the ethanol plant isn’t expected to share 100%, but it could be 25% to 30%," says Paul Neiffer, a farm CPA.