We kicked off the day with Challenger Job Cuts at 6:30 A.M., ADP Employment Change at 7:15 A.M., Trade Balance, Exports, Imports, Initial Jobless Claims, Jobless Claims 4-Week Average, and Continuing Jobless Claims at 7:30 A.M., Fed Logan Speech at 8:45 A.M., S&P Global Composite PMI Final and S&P Global Services PMI Final at 8:45 A.M., ISM Services PMI, Jolt’s Job Openings, ISM Services Employment, ISM Services New Orders, ISM Services Prices, Jolt’s Job Quits, and ISM Services Business Activity at 9:00 A.M., EIA Natural Gas Storage at 9:30 A.M., EIA Energy Stocks at 10:00 A.m., 4-Week & 8-Week Bill Auction at 10;30 A.M., 15-Year Mortgage Rate & 30_Year Mortgage Rate at 11:00 A.M., Dairy Products and Dairy Products Sales at 2:00 P.M., and Total Vehicle Sales.

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On the Corn Front the recent rains have slowed crop stress, however, subsoil moisture is still an immediate threat. Average yields could be reached with regular rains and cooler temps for the remainder of the growing season. However, the minimal soil moisture leaves crops vulnerable to any heat and dryness in the coming weeks. We did receive heavy rains again last night across the Midwest and Great Lakes region which so far has not fazed bulls in this cheap corn market. Open Interest has risen again adding 15,901 contracts in yesterdays action which added 31,000 contracts in recent days, with funds adding to existing short positions. While South American FON premiums have rallied 40 to 50 cents per bushel over record export demand is so strong it competes with soybeans for port loading capacity. In the overnight electronic sessionthe December corn is currently trading at 496 ¾ which is 3 ¼ cents higher. The trading range has been 499 ¼ to 492 ½.

On the Ethanol Front representatives of the ethanol industry led by the Renewable Fuels Association (RFA) and Growth Energy submitted comments to the Environmental Protection Agency (EPA) yesterday criticizing the agency’s proposed emission standards for model year 2027 and later light and minimum duty vehicles for neglecting the potential of biofuels as a de facto mandate for electric cars. Here we go again, putting the cart before the horse, in this case horsepower. There were no trades or open interest in ethanol futures.

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