Well maybe not in the grains or the temperatures. Corn is currently down 8 and soybeans are down 24.
We have been long overdue for a correction and it appears to be here. While I don’t believe we set back dramatically, I could see another 10-15 cents come out in the corn market on profit taking.
The U.S. Environmental Protection Agency (EPA) on Tuesday granted three waivers to oil refiners that exempt them from U.S. biofuel blending obligations, a last-minute move before President Donald Trump leaves office on Wednesday. The agency granted two waivers for the 2019 compliance year and one waiver for the 2018 compliance year. The announcement followed four years of controversy around the waiver program under the Trump administration, but left many questions unresolved
Export companies in Argentina are concerned about independent truck owners who are blocking roads as part of a protest over what drivers say are exorbitant taxes and highway tolls, the CIARA-CEC export industry chamber said on Tuesday. Owners and drivers, grouped in the informal TUDA association (Transportistas Unidos de Argentina), began blocking highways over the weekend, making it hard for grains to reach port terminals. The protest adds uncertainty to a sector that was racked by several Argentine port workers’ strikes last month.
Look for trade to continue to take profits and monitor south American weather and strike issues for direction.
Have a safe Day!