06/16/2025 Puzzle Pieces

On the Grains
Marketing is much like assembling a 500-piece puzzle, you find two pieces that fit and keep working on it, only to later realize those are the incorrect pieces. Gradually, we construct the picture with greater confidence. Then, unexpectedly, a “Black Swan” appears and alters everything, much like last week, Red Rover launching some ballistic missiles. Given the limited follow-through in corn over the weekend, this is a bit concerning. If we can’t even drive this market higher because of war, what can we elevate it with? The EPA gave us a bone, I honestly did not anticipate those RVO numbers for biodiesel. Historically, it hasn’t yielded great results to rely on the government, yet soybeans continue to lack follow-through.