EPA is moving forward with its next phase of the Renewable Fuel Standard (RFS) program.

DuWayne Bosse, Bolt Marketing, says most of the bounce in the grain markets was short covering or short profit taking.

Brad Kooima of Kooima Kooima Varilek, says cattle futures are in recovery mode for a second day after scoring key weekly reversals last week on the charts, a bearish sign of a possible top. Corn is also trying to bounce after new lows for the year in the December contract.

The bearish tone of the grain markets, especially corn and bean oil, stems from a lack of progress on tariffs and trade deals as well as speculation regarding the blending mandates for biomass-based diesel.

Shawn Hackett, Hackett Financial Advisors, says grain and cotton markets all ended lower on Friday and for the week. He provides several reasons he thinks the market participants are too bearish compared to the fundamentals.

USDA Secretary Brooke Rollins is set to continue her aggressive international trade agenda.

Scott Varilek, Kooima Kooima Varilek, says after two ugly down days in cattle futures the markets are trying to recover and so is the soybean market.

EPA submitted two major biofuel-related actions to the White House Office of Management and Budget (OMB) for review.

Jeff Hoogendoorn, Professional Ag Marketing, says the sell off in bean oil was tied to unconfirmed rumors the draft proposal on the Renewable Volume Obligations (RVO) for bio-mass based diesel were sent to the Office of Management and Budget (OMB) with lower than expected volumes.

Soybeans are down with soybean oil which touched limit down overnight on unconfirmed rumors EPA would setting RVO levels for biomass based diesel below anticipated levels.