We kicked off the day with S&P/Case-Shiller Home Price MoM & YoY, House Price Index MoM & YoY, and House Price Index at 8:00 A.M., CB Consumer Confidence at 9:00 A.M., Dallas Fed Manufacturing Index at 9:30 A.M., Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., Fed Barkin Speech at 12:00 P.M., and Crop Progress at 3:00 P.M.

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On the Corn Front, lower prices are somewhat of a surprise after Friday’s rally, and forecasts of hot and Dry weather to persist into mid-June. We will be looking at Export Inspections and Crop Progress later today. In the overnight electronic session the July corn is currently trading at 603 which is 1 cent lower. The trading range has been 605 to 601.

On the Ethanol Front, the first dairy-based ethanol plant in the US will break ground later this year. The Michigan Milk Producers Association and Canadian Dairy Distillery are partnering to turn a dairy byproduct, milk permeate, into ethanol for biofuels sector. Dairy Distillery, CEO Omid McDonald said he helped create a method to process milk sugar into carbon-neutral vodka that is marketed as VodKow.’Very early on in the project, I get to learn how there’s an imbalance in dairy where people are drinking less fluid milk and eating more cheese and yogurt.” There’s a lot of lactose leftover and different byproducts he says. Today is Last Trading Day in June ethanol futures and there were no trades or open interest in ethanol futures.

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