You and me both. I'm waiting for the same thing you are but so far it's been a bastard to me more than once the past couple of years.
Just went long ZL May 18 @ 33.42. -Rumors of congress reinstating biodiesel tax credit. -ZL undervalued compared to ZM. -ZL spreads trending higher.
I was too soon on ZL and it is possible the biodiesel tax credit will have less consequences on the soyoil market than RINs. I had in mind a really nice news play on ZL in spring 2015 when they increased biodiesel RFS mandates, but tax cuts and mandatory mandates are too different animals... https://www.reuters.com/article/usa...y-biodiesel-tax-credit-optimism-idUSL1N1OL2EZ
Wasn't such a bad trade finally. I should have waited more to enter. Exit today on post COT short covering @ 129.85.
https://www.agrimoney.com/news/morn...technical-battle-but-palm-wheat-retreat-48654 "For soyoil, prices have been supported by factors including a lower extraction rate from soybeans unveiled by US crush data for November. At 11.40 pounds per bushel of soybeans, the rate was the lowest since the USDA started reporng the data in November 2015. “Also rallying soyoil is expectation for Congress to reinstate biodiesel tax credit within the next week,” Benson Quinn Commodities said."