June 13, 2018
Corn is down one and soybeans down ten to start the day off. Mixed emotions shown to the market today between decreased stocks and more tariff news. USDA pegged stocks to use at 10.8% yesterday, which is the tightest level since 2013, this tighter supply could lead to buying in the coming days. Trump is threatening he could impose tariffs by Friday on Chinese goods.
Biofuel reform news has taken a back seat since last week, when the Trump Administration said they were not going to reform for aid to oil refiners. Though, on Tuesday, EPA officials have given hope that higher ethanol blend gasoline could still happen.
It’s great that smaller stock numbers have gotten attention, in hopes of finding some support level and direction for making sales. We aren’t to the middle of June yet, with that being said, there is a lot of weather and forecast change that can happen yet. If the market does keep climbing: make sales and offers, do not bank on huge weather premiums.
Have a Great Day!