We kicked off the day with Retail Sales MoM & YoY (Jun), Export Prices MoM & YoY (Jun), Import Prices MoM & YoY (Jun), Retail Sales Ex Autos MoM (Jun) and NY Empire State Manufacturing Index(Jul) at 7:30 A.M., Fed Bostic Speech at 7:45 A.M.,Capacity Utilization MoM & YoY and Industrial Production MoM & YoY (Jun) at 8:15 A.M., Michigan Consumer Sentiment Prel (Jul), Business inventories MoM (May), Michigan 5-Year Inflation Expectations Prel (Jul)and Retail Inventories Ex Autos MoM (May) at 9:00 A.M., NOPA Crush at 11;00 A.M. and Baker Hughes Oil & Total Rig Count at 12:00 P.M.

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On the Corn Front we ended up higher due to US, EU and South American basis. There are analysts who say the USDA may be too high on World supply and too low on demand. We are waiting to see if Russia and the Ukraine can come to an agreement to ship grains in the Black Sea exports. In the overnight electronic session the September corn is currently trading at 605 ½ which is a ½ of a cent higher. The trading range has been 612 to 604.

On the Ethanol Front BSBios is to build the first big wheat ethanol plant as the crop expands. The facility will increase not diminish, food supplies, its chief executive said, amid a global discussion on prioritizing food over fuel production. Whereas wheat-based ethanol is common in Europe and Canada, most of Brazil’s production comes from sugarcane and most recently corn. There were no trades in the overnight electronic session.

On the Crude Oil Front today is Last Trading Day on August crude oil options. The market continues swinging on volatility and large trading ranges and this morning is no different. Traders will be watching if anything comes from Biden’s visit to Saudi Arabia which nobody is holding their breath. In the overnight electronic session the August crude oil is currently trading at 9732 which is 154 points higher. The trading range has been 9808 to 9457.

On the Natural Gas Front the market started higher in the overnight and sold off. It was due to be out of the green in this fundamentally strong market. The fundamentals are right before our eyes with Russia shutting of the spigot to the EU. In the overnight electronic session the August natural gas is currently trading at 6.492 which is 0.108 lower. The trading range has been 6.747 to 6.420.

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