I am expecting another day of lock limit up activity for soybeans and possibly corn, given the surging price of crude oil once again. Virtually all commodity prices are in recovery and moving higher once again on US Dollar weakness, violence in Iraqi oil producing regions, and continued strong pressures on global grain supplies. The EIA crude oil inventory report, due out at 10:30 EST, may also affect prices of biofuel grains also.Wednesday, March 26, 2008
Resurgent Oil Prices Likely to Drive BIofuels Higher
I am expecting another day of lock limit up activity for soybeans and possibly corn, given the surging price of crude oil once again. Virtually all commodity prices are in recovery and moving higher once again on US Dollar weakness, violence in Iraqi oil producing regions, and continued strong pressures on global grain supplies. The EIA crude oil inventory report, due out at 10:30 EST, may also affect prices of biofuel grains also.
