We kicked off the day with Business Inventories, Retail Sales MoM & YoY, Retail Sales Ex Autos MoM, and Retail Sales Ex Gas/Autos at 7:30 A.M., Redbook YoY at 7:55 A.M., Industrial Production MoM & YoY, Manufacturing Production MoM & YoY, and Capacity Utilization at 8:15 A.M., NAHB Housing Market Index, Business Inventories MoM, Fed Barr Speech, Fed Gibson Speech, and Retail Inventories Ex Autos MoM at 9:00 A.M., Net-long TIC Flows Overall Net Capital Flows, and Foreign Bond Investment at 3:00 P.M., and API Energy Stocks at 3:30 P.M.

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On the Corn Front we started higher Sunday night almost 13 cents higher, mainly due to Russia formally exiting the Black Sea Grain Initiative. The early strength with buyers died up and the market reversed course closing 7 to 8 cents lower. The BSGI was implemented last August with nearly 33mmt of Ukrainian agriculture products were shipped through the corridor. With the Black Sea cutoff exports will be forced to flow through Eastern Europe by land and or the Danube River. Rainfall in the first half of July arrived just in time for corn pollination across the Midwest. Crop ratings improved but remain at historic lows. US corn pollination is just 50% finished and soy pod filling just underway. In the overnight electronic session the December corn is currently trading at at 516 ¼ which is 10 ¼ cents higher. The trading range has been 518 ½ to 502.

On the Ethanol Front we have really zero breaking news in this market. If corn prices continue to rise, cost of ethanol will follow suit along with feed and other uses. There were no trades or open interest in ethanol futures.

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