Photo by Adrian Infernus on Unsplash

We kicked off the day with Import Prices MoM & YoY (Jul), Export Prices MoM & YoY (Jul), at 7:30 A.M., Michigan Consumer Sentiment Prel (Aug), Michigan 5-Year Inflation Expectations Prel (Aug), Michigan Current ConditionsPrel (Aug), and Michigan Inflation ExpectationsPrel (Aug) at 9:00 A.M., Crop Production USDA Supply/Demand and WASDE reports at 11:00 A.M., and Baker Hughes Oil and Total Rig Count at 12:00 P.M.

On the Corn Front the market is giving back some gains as we head into the Crop Production USDA Supply/Demand and WASDE numbers. It will be interesting to see the shake & bake after the numbers are released. Yield data will be key as Brazil crop production was not as high as previously thought, and they will have minimal exports in 2022, The Ukraine have picked up but has buyers thinking how much of this corn is carryover and wonder what condition the goods are in. Buyer Beware! I expect all the Ukraine exports will not put a dent in overall demand. We will get a good education today of the feeling or tone of the market before the September 12^th numbers from the Big Three. Right now I see US corn exports to rise into the autumn months and the next report is 11 days ahead of the Autumn Equinox and we will be trading on harvest, buckle up your chinstraps. In the overnight electronic session the September corn is currently trading at 627 ¼ which is 2 cents lower. The trading range has been 632 to 625.

On the Ethanol Front retailers says ethanol industry can support an E15 national standard. Randy Gard the Chief Operating Officer with Nebraska-based Bosselman Enterprises said, “It really takes some legislative law that gives guidance to the EPA that says it’s OK to sell E15 year round. It’s that simple.” Right now the ethanol futures remain in hibernation, This could change and this could be a hot market

In the future again, the way things are shaking out, with refiners and the ethanol industry battling it out.

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