We kicked off the day with NFIB Business Optimism Index (Jun) at 5:00 A.M., Redbook YoY (09/Jun) at 7:55 A.M., IBD/TIPP Economic Optimism (Jul) at 9:00 A.M., Consumer Inflation Expectations (Jun) at 10:00 A.M., 52-Week Bill Auction at 10:30 A.M., Crop Production USDA Supply/Demand and WASDE at 11:00 A.M., 10-Year Note Auction at 12:00 P.M. and API Energy Stocks at 3:30 P.M.

Photo by Adrian Infernus on Unsplash

On the Corn Front we closed higher in yesterday’s action but off the highs with rains and another China lockdown offered resistance. If the hot & dry weather sticks around longer than the forecasts predict. Farmers and traders will be concerned about yields. Funds liquidated longs from 335,000 to 183,000 contracts. Crop conditions slip Illinois Field reports. There are crop concerns for varying reasons in Missouri, Indiana and Ohio. In the overnight electronic session the September corn is currently trading at 628 which is 9 cents lower. The trading range has been 641 ¾ to 622 ¾.

On the Ethanol Front Michael Lu, US Grains Council’s director in Taiwan, discussed the benefits of ethanol-blended fuels to the International Trend of net-zero and Low-Carbon Technology Development Forum, an event organized by the Taiwan EPA and EDF in June. While the European Crop Energies AG with which has operations in Germany, Belgium and France to name a few. On July 6^th released the financial results for its fiscal first quarter, reporting higher ethanol production volumes and increased revenues, and improved operating profits. There was zero activity in ethanol futures.

On the Crude Oil Front we are trading sharply lower on recession fears, higher dollar and weaker stock market. Say it ain’t so Joe is going to Israel and Saudi Arabia to beg they pump more oil. That’s going to be a tall order considering the debate of Saudi capacity. If OPEC+ have a say, if they do w will get a Russian nyet. There are whispers that SPR’s released for export found its way to a Chinese Oil company that Hunter Biden has a stake in. This is just another story that won’t go away. In the overnight electronic session the August crude oil is currently trading at 9952 which is 457 points lower. The trading range has been 10349 to 9840.

On the Natural Gas Front the market continues to roll higher as the fears of the Russian Nord Stream shutdown for gas and oil is being realized. Very intense heat in the south and other spots in the lower 48. Barring recession fears coming to roost in this market we continue to roll. In the overnight electronic session the August natural gas is currently trading at 6.648 which is 0.222 lower. The trading Range has been 6.786 to 6.453.

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