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12/1/22
Corn down 7, Beans down 40, Wheat down 13
Crude Oil-81.41 up .86
US Dollar-104.74 down 1.2
Dow Jones-34,415.38 down 174.39
Well, not every day can be an up day… Soybeans took a beating while corn and wheat tucked their tails in the corner. A lot went on in the soy complex today, but the main downward driver was a disappointing biodiesel announcement from the EPA. In the past months, soyoil prices have been floating high on the many new renewable diesel projects that have been announced; also giving funds reason to put on fresh longs. Soyoil has been anticipating the EPA to align by increasing blending requirements, but instead they released lower than normal blending requirements today. It’s basically the EPA’s way of saying “go electric.” Soyoil traded limit down on the news and the longs were flushed out causing the whole soy complex to see red.
Brynna
12/2/22
Corn down 14, Beans up 9, Wheat down 22
Crude Oil-80.18 down 1.04
US Dollar-104.52 down .19
Dow Jones-34,429.88 down 34.87
Soybeans were able to make up almost a dime of yesterday's losses in today's trading session. Chinese pricing and bargain buyers were able to make prices firm up a bit. Biodiesel woes spurred another round of technical selling for corn and wheat which caused prices to fall.
Brynna
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