Photo by Adrian Infernus on Unsplash

We kick off the day with Goods Trade Balance Adv (May), Retail Inventories Ex Autos MoM Adv (May), and Wholesale Inventories MoM Adv (May) at 7:30 A.M., Redbook YoY (25/Jun) at 7:55 A.M., S&P/Case-Shiller Home Price YoY (Apr), House Price Index MoM & YoY (Apr), House Price Index (Apr) and S&P/Case-Shiller Home Prices MoM (Apr) at 8:00 A.M., CB Consumer Confidence (Jun), Richmond Fed Manufacturing Index (Jun), Richmond Fed Manufacturing Shipments (Jun) and Richmond Fed Services Index (Jun) at 9:00 A.M., Dallas Fed Services Index (Jun) and Dallas Fed Services Revenues Index (Jun) at 9:30 A.M., Fed Daly Speech at 11:30 A.M., 7-Year Note Auction at 12:00 P.M. and API Energy Stocks at 3:30 P.M.

On the Corn Front, needed rain showers and storms moved across a large swath of the US Corn Belt this weekend, lifting crop health in key production states like Iowa and Illinois. In some areas the rain missed or they did not get enough to quelch the crops thirst with the hot and dry areas. Now as we head into the dog days of summer farmers and traders will be monitoring the mercury as we trim are corn conditions this week. In South Dakota 100% of the corn crop has emerged according to the USDA and yesterday’s Crop Progress report showed the states corn crop is 75% good to excellent. Corn Export Inspections did not look to shabby yesterday. We have a big day on Thursday with First Notice Day on July grains and also Grain Stocks and Planted Acreage. In the overnight electronic session, the December corn is currently trading at 663 ¼ which is 10 ¼ cents higher. The trading range has been 666 to 655 ¼.

On the Ethanol Front, Growth Energy filed petitions for review in the US Court of Appeals for the DC Circuit challenging the EPA’s decision to excuse certain small refineries from their obligations under the Renewable Fuel Standard. This comes at a time when refineries are working overtime and have limited or zero capacity. There were no trades in ethanol futures.

On the Crude Oil Front, we are trading higher on news China may start to reopen from the lockdown, Tropical Storm Activity in the Gulf of Mexico and the Atlantic and Europe having no choice being forced to go back to coal and nuclear power. In the overnight electronic session the August crude oil is currently trading at 11093 which is 136 points higher. The trading range has been 11172 to 10979.

On the Natural Gas Front, this market turned around and is on the move. The market is grappling with the weather. The heat and Tropical storm fears has put this market back in the green. In the overnight electronic session the August natural gas is currently trading at 6.617 which is 0.077 higher. The trading range has been 6.649 to 6.417.v