Crop Production, USDA Supply/Demand And WASDE Reports On Tap Today. The Corn & Ethanol Report

We started off the day with NY Fed Treasury Purchases TIPS 1 to 7.5 yrs. At 9:30 A.M., Consumer Inflation Expectations (Jun) and Export Inspections at 10:00 A.M., 3-Year Note Auction and 6-Month Bill Auction at 10:30 A.M., Crop Production, USDA Supply/Demand and WASDE reports at 11:00 A.M., 10-Year Note Auction and 6-Month Bill Auction at 12:00 P.M. and Crop Progress at 3:00 P.M.

Image by Free-Photos from Pixabay

On the Corn front, the weather front seems to be making the rich – richer and the poor–poorer. The Plains and West and North Midwest are suffering an excruciating drought while the Midwest and West Midwest is getting rains with the dividing point in Iowa. The cooler temperatures in the Midwest had been experiencing will give way to more hot and dry weather heading into August. Funds are still liquidating their record long positions heading into the 4th of July weekend. Brazil’s crop is experiencing trouble and a little more than previously thought. We have whispers on today’s report that yields per acre will be nothing to write home about. With little to none carryover and no margin for error this market should take off. And I do expect global exports to pick up very shortly.

On the Ethanol front, Brazil-based ethanol, bioenergy and dried distillers grains (DDG) producer, FS, is implementing a system that it says will make the first biorefinery to be carbon negative. FS makes ethanol, animal nutrition and bioenergy products exclusively from corn, and is now incorporating a bioenergy with carbon capture and storage (BECCS) system The UK based company DRAX is also engineering that feat as well. By doing so it not only reduces its CO2 emissions but also removes CO2 from the environment. The system consists of capturing, compressing dehydrating and transporting the CO2 for a deep and safe underground injection and permanent storage. Will environmentalists sound an alarm that this will create earthquakes or other Acts of God? Today we also have corn for ethanol use in the report.

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