We started off the day with Export Sales, GDP Growth Rate QoQ Adv. Q2, Initial Jobless Claims (24/Jul), Jobless Claims 4-Week average, GDP Price Index QoQ Adv. Q2, PCE Prices QoQ Adv. Q2, Core Prices QoQ Adv. Q2 and Continuing Jobless Claims (17/Jul) (17/Jul) at 7:30 A.M., Pending Home Sales MoM and YoY (Jun) at 9:00 A.M., EIA Gas storage at 9:30 A.M., 4-Week & 8-Week Bill Auction at 10:30 A.M., and 7-Year Note Auction at 12:00 P.M.

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On the Corn front, the market is taking a beating in the early going. Some traders mostly technicians believe the market failed to reach new highs and did not punch through resistance and sparked the sell off. Funds are watching the market closely pondering to add long positions or stay neutral and not completely cover all of their longs from the 4^th of July weekend. The downside in this market seems to be way overdone and when fundamentals kick in you should see a short-covering rally as demand and exports along with weather will be a game-changer. In the overnight electronic session the December corn is currently trading at 533which is 15 ½ cents lower. The trading range has been 568 to 550 ¾.

On the Ethanol Front a bipartisan bill introduced by lawmakers pushing for E15 to be sold year-round and more renewable fuels to be blended in gasoline tanks, while this saga will continue. Expect this market to be more and more in the news.

On the Natural Gas front, the market is waiting on the EIA Gas Storage number while traders ponder the conflicting weather reports. The Thomson Reuters weekly poll with 15 analysts participating estimate an injection number ranging from 30-bcf to 60-bcf with the median 45-bcf. This compares to the one-year build of 27-bcf and the five-year average of 28-bcf. Buckle up your chinstrap.