Oilshare trade reverts

The oilshare trade pulled back yesterday for the first time since November 29th. Funds have been liquidating their short meal/long bean oil positions since the EPA announcement. We assume we will see some more contraction this week even though the top meal exporter is having a real tough time with weather at the moment but not enough to justify $460 meal prices. Soybeans pulled back as well but look for soybeans to trade independent of meal and oil. Corn is working higher and is 20 cents off the 6.35 low from a week ago. Corn is working higher on seasonal strength and a settlement above 6.55 will add some upside momentum. For today, We will use 6.52 & 14.55 for support and 6.62 & 14.96 for resistance. CPI came out lower than expected and the dollar is off 1.30 which will help the commodities. NFC Grain Comments Options -12.13.22

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