We started off the day with NFIB Business Optimism Index at 5:00 A.M., PPI at 7:30 A.M., Redbook YoY and MoM (Aug/) at 7:55 A.M., 119-Day and 42-Day Bill Auction at 10:30 A.M., Fed Daily Speech at 11:00 A.M., 3-Year Note Auction and 52-Week Bill Auction at 12:00 P.M., and API Energy Stocks at 3:30 P.M.

On the Corn front yesterday's, Crop Progress showed the corn rating good-to-excellent t 71% versus 72% last week. While 97% of the nations corn is silking versus a 95% five-year average. The USDA pegged the U.S. corn 11% dented versus a 12% five-year average. Also, 59% of the corn crop has entered dough state versus a 52% five-year average. We will also be assessing the damage caused but the monster storms yesterday, also known as a Dericho storm. With widespread high winds and tornadoes) with gusts over 100 mph. The destructive storm caused widespread damage along its path which started in Southeast South Dakota and eastern Nebraska in the morning and spread through Iowa, central Illinois, southern Wisconsin, southwest Michigan, Indiana, and northern Ohio. The storm tracked about 770 miles in 14 hours. We still will be hearing damage control as we go in tomorrow's big monthly reports. In the overnight electronic session, the December corn is currently trading at 324 ¼ which is 1 ¼ of a cent higher. The trading range has been 326 ¼ to 323 ½.

On the Ethanol front, Pacific Energy Inc. received a letter from the Nasdaq Stock Market which contained a Nasdaq compliance determination letter that the company regained compliance with the exchange that listed securities must maintain a minimum closing bid of $1.00 a share. The company has a scheduled August 27, 2020 meeting to discuss a stock split, the meeting has since been canceled and the company will hold its annual meeting to Stockholders later this year. There were no trades posted in the overnight electronic session. The September ethanol settled at 1.180  and is currently showing 1 bid @ 1.180 and 2 offers @ 1.220 with Open Interest at 69 contracts.

On the Crude Oil Front David Messler with OILPRICE.com reports that he expects oil prices to soar 180% with lack of capital investment in the industry the last 5 years. According to Messler we are now starting to work off this glut and maybe turning the corner, which could lead to tight supplies. The Permian Basin accounts for over half of U.S. daily shale production and when the dramatic drop in April and May with coronavirus lock downs and the Russian Saudi OIL PRICE WAR. In the overnight electronic session, the September crude oil is currently trading at 4269 which is 75 points higher. The trading range has been 4289 to 4194. Remember the API’s at 3:30 P.M.

On the Natural gas front, the market fell on an updated weather forecast calling for more moderate temperatures, especially in the mid-west. We did have an outside day yesterday which shrunk technical bullish sentiment. But there is a disturbance in the Atlantic that has a 60% chance of becoming a tropical cyclone which may give the bears another reason to lighten up like Friday's short squeeze play where hedge funds reduced their short positions. In the overnight electronic session, the September natural gas is currently trading at 2.180 which is .027 higher. The trading range has been 2.231 to 2.135.