We kicked off the day with Core PCE Price Index MoM & YoY, Durable Goods Orders MoM, Personal Income MoM, Personal Spending MoM, Retail Inventories Ex Autos MoM Adv., Wholesale Inventories MoM Adv., Michigan Consumer sentiment Final, Michigan 5-Year Inflation Expectations Final, Michigan Consumer Expectations Final, and Michigan Inflations Final at 9:00 A.M.,and Baker Hughes Oil & Total Rig Count at 12:00 P.M.

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On The Corn Front, the grain prices are higher in hope of a debt ceiling deal will be cut. It’s all about weather and the pattern for the Midwest Corn Belt will be hot & dry the first week and a half of June. Soil moisture will be key as farmers will capitalize on warm dryer weather to shore up the planting season. Noe again, I reminded you I would use this phrase until I beat a dead horse, “It is not what you plant but what you grow.” Before you know it we will be totally focused on yields. This market is oversold and with all of the geo-political factors, demand, yields and weather dominate this market. If exports continue to pick up the bulls will have their way with the bears. In the overnight electronic session the July corn is currently trading at 596 ¼ which is 5 ½ cents higher. The trading range has been 597 ½ to 588 ¼.

On the Ethanol Front, a plant in South Dakota signed on to the Summit Carbon Solutions carbon capture pipeline. NuGen Energy is focused on production capacity and capture of carbon in the pipelines. This market continues to move, but unfortunately, there were no trades or open interest in ethanol futures.

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It’s All About Weather. The Corn & Ethanol Report
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