Grain Stocks Planted Acreage & Weather. The Corn & Ethanol Report

We kicked off the day with Fed Williams Speech at 6:00 A.M., Redbook MoM & YoY at 7:55 A.M., S&P/Case-Shiller Home Price MoM & YoY at 8:00 A.M., Chicago PMI and Consumer Confidence at 9:00 A.M., Fed Williams Speech at 10:00 A.M., Fed Brainard Speech at 10:05 A.M., 119-Day and 42-Day Bill Auction at 10:30 A.M., Grains stocks and Planted Acreage at 11:00 A.M., Fed Chair Powell Testimony at 11:30 A.m., Fed Bostic and Fed Kashkari Speech at 1:00 P.m. and API Energy Stocks at 3:30 P.M.

On the Corn front yesterday the USDA reported the corn, sorghum and wheat export inspections were above projections in the current marketing years. Crop Progress showed corn silkings were at 4% vs. 2% last week but below the 7% five-year average. Corn also came in at 73% good to excellent which was 1% better than last week. The rally in yesterday's action and continued in the overnight is the U.S. Midwest 6-10 day weather forecast of warm and dry weather. Although we did see some rain coverage across the Midwest with fears of violent storms and flash flooding. If corn is not parched in the next week and a half, expect all those who covered shorts to pile on again. In the overnight electronic session, the December corn is currently trading at 338 which is 3 ¼ cents higher. The trading range has been 338 ¼ to 332 ¼. Remember today is FIRST NOTICE DAY in JULY GRAINS.

On the ethanol front U.S. Se. Joni Ernst kicked off a video news conference by saying this, “really big week” for Iowa as the most recent version of the North American trade agreement will take effect tomorrow. The Iowa republican was further quoted, “This is a big boon for our Iowa industry because Mexico and Canada are Iowa’s two largest trading partners.” She went on to say yesterday, “ So this, folks, is a really, really big deal, and despite a year of obstruction from Democrats, we did deliver a big win for Iowa.” Ernst and agricultural group officials spent 30 minutes talking about defense from threats posed by the Environmental Protection Agency (EPA) and Big Oil. This should be a continued story to read in the coming months and I will keep you in the loop. There were no trades posted in the overnight electronic session. The August ethanol settled at 1.155 and is currently showing 2 bids @ 1.070 and 2 offers @ 1.190 with Open Interest declining to 66 contracts.

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