Pro Farmer
Grains saw relative weakness overnight while soybeans were supported by robust followthrough gains in soyoil following Friday’s limit higher close.
Trade and geopolitics at the top of traders’ watch list.
Short-term trend is bearish for soymeal.
Soyoil futures extended Friday’s strong gains that were tied to EPA’s proposed biodiesel mandate.
Both events triggered significant market moves.
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The proposed biomass-based biodiesel mandates fueled a surge in soyoil futures.