Earlier this morning we Saw talk of an Executive order to change ethanol mandates and help U.S. Bio fuel demand. This afternoon white house said no E.O. changing the mandate for ethanol. Soy oil collapsed,corn dropped and soybeans gave back more than half there half daily gains.I beleive this story is not over
Crude Oil had a real nice rally into the close almost 100 ticks as the Monthly EIA production data December crude dropping 91kbd and November revised lower as well.I dont think this is a trend that will last but for today was a reason to buy em up into the close.Support in the crude complex@$53.12 was not broken so another reason a rally into the close.