Is the fallout from EPA disappointment over?
Corn and soybeans have been on the downward move after disappointment from the proposed blending numbers proposed by the EPA. Soybeans gave back all of its gains last week but has found some support down in the mid 14.20’s and has worked 25 cents the last few sessions. Corn fell out of its trading range and filled the gap in March down at 6.38 yesterday and is currently trying to carve out a bottom around this 6.40 area. The EPA did not give the market the bullish levels traders wanted to see but renewable fuel production will keep growing and EIA expects a 22% increase over the next 5 years. Some flash sales in soybeans this morning with China taking 264K & 240K to unknown buyers. For today, we will use 6.37 & 14.25 for support and 6.65 & 14.55 for resistance. NFC Grain Comments Options -12.6.22 (1)