We started off the day with Challenger Job Cuts (APR) at 6:30 A.M., Export Sales, Unit Labour Costs QoQ Prel (Q1), Nonfarm Productivity QoQ Prel (Q1) and Jobless Claims at 7:30 A.M., Fed Williams Speech at 8:00 A.M., ISM New York Index at 8:45 A.M., EIA Gas Storage at 9:30 A.M., 4-Week & 8-Week Bill Auction at 10:30 A.M., Fed Bostic Speech and Fed Mester Speech at 12:00 P.M. and Fed Kaplan Speech at 5:05 P.M.

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On the Corn front, as expected we saw volatility in the market that is every day seeking new highs. The selloffs were stellar but when the fundamentals kicked in at the end of the day, or end of the trading session the July corn went from lower on the day to settle 11 ¾ cents higher. If we get a good Export Sales number, the sky is the limit.

On the Ethanol front, there were no trades posted in the June contract. The August contract did trade at 2.330 which was .070 higher. This market is in recovery and tailored made to follow the corn and crude oil market and I see higher prices here also with the summertime driving season soon upon us and the continued debate or fighting of blends with small refineries.

On the Crude Oil front, the market went into long liquidation late, even with solid oil and products inventory draws. Both Brent and U.S. futures traded their highest levels since mid-March. This selloff could be another long liquidation with profit-taking. And we can expect new longs and the profiteers to re-establish a bullish position.

On the Natural Gas front, price slid as well in yesterday’s action. The market is gearing up for today’s EIA Gas Storage data. The Thomson Reuters poll with 19 analysts participating have estimates ranging from injections of 49bcf to 76bcf. This compares to the one-year injection of 104bcf and the five-year average of 82bcf.