We started off the day with S&P/Case-Shiller Home Price Index MoM & YOY (Mar), House Price Index MoM & YoY (Mar) and House Piece Index (Mar) at 8:00 A.M.,Chicago PMI (May) at 8:45 A.M., Confidence (May) at 9:00 A.M., Dallas Fed Manufacturing Index at 9:30 A.M, Export Inspections at 10:00 AM., 3-Month & 6-Month Bill Auction at 10:30 A.M., Crop Progress at 3:00 P.M.

Photo by Sindy Süßengut on Unsplash

On the Corn Front exports reach 200,000 mt in May 26-30 period. While corn futures fade post-holiday. Plantings are in for the most part which we will get the USDA data today with Export Inspections and Crop Progress. In the overnight electronic session the July corn is currently trading at 772 which is 5 ¼ cents lower. The trading range has been 777 ¼ to 769 ½.

On the Ethanol Front Japan commits to double its ethanol demand raising US exports. Japan ranks as the fourth-largest market for US ethanol during the 2021-2022 marketing year. “Expanding bioethanol use in Japan is a strategic goal of the Council,” says US Grains Council Vice President Cary Sifferath.

On the Crude Oil Front Russia hits back at the EU’s partial ban oil embargo, says it will find other importers for its crude.EU foreign policy chief Josep Borrel this, “landmark decision to cripple Putin’s war machine. However, the EU’s long-delayed sixth package of sanctions against Russia required by approval from all 27 member states and has yet to be formally ratified. Hungary’s opposition led to exemptions carried out for imports delivered by pipeline. Biden is schedule to meet Fed Chief Jerome Powell to see if the Fed can act on inflation. Nothing like howling at the moon. In the overnight electronic session the July crude oil is currently trading at 11903 which is 396 points higher. The trading range has been 11947 to 11486. Another huge trading range.

On the Natural Gas Front we are starting off a little easier with a cool front coming from the north. In the overnight electronic session the July natural gas is currently trading at 8.471 which is 0.256 lower. The trading range has been 8.916 to 8.355.