EPA confirms lower biofuel mandates

Corn traded actively on both sides of unchanged today. Final trades though were at higher prices to the best close since 11/26. We are now 10 3/4 cents from retesting the 11/24 high of 596 3/4 on the March. Higher crude oil pricing was likely a factor. The coming bearish EPA announcement, even rumored for release today, could be partially offset by the rejection of pending small plant waiver requests. The trade is also monitoring South American weather, Thursday's USDA supply/demand report, Friday's inflation report and potential Chinese buys in a few weeks ahead.

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