We kicked off the day with MBA 30-Year Mortgage Rate, MBA Mortgage Market Index, MBA Mortgage Refinance Index MBA Purchase Index, and MBA Mortgage Applications at 6:00 A.M., PPI MoM & YoY and Core PPI MoM 7 YoY at 7:30 A.M., EIA Energy Stocks at 9:30 A.M., 17-Week Bill Auction at 10:30 A.M., Interest Rate Decision, Interest Rate Projection 1^st. year, 2^nd year. Current and Longer at 1:00 P.M., and Fed Press Conference at 1:30 P.M.

Photo by Jesse Gardner on Unsplash

On the Corn Front in the Midwest, we did get a steady rain the second time around yesterday much more saturating rain was needed. Grant it we needed some rain but this is starting to become worrisome, even though it is too early to push the panic button we will see Grain categorized as good-to-excellent yields and good further decline in crop ratings. We still have time to recover but weather is in the catbird seat for now with all this crazy weather. Drought is overseas in France, much of Northern Europe, Ukraine, and much of Central Russia. Compounding lack of projected rainfall is higher temps. We could see some kind of shortage somewhere and globally with nil carryover. Who would of think, seriously who would have thought 10-years ago. In the overnight electronic session the July corn is currently trading at 604 ½ which is 8 cents lower. The trading range has been 611 ¼ to 603 ½. Remember Friday June 23^rd is LAST TRADING DAY ON JULY CBOT GRAIN & INTEREST RATES OPTIONS.

On the Ethanol Front Protest at an Ethanol Conference. Here we go with the crazy mudslinging by paid disruptors that have zero knowledge of what they think is so true but isn’t so. The politicians are already making mandates and EPA is totally involved, excuse me, but Pandora’s box is wide open. I will go on the record, disrupting the acreage and growth in grains is not a wise move in any stretch of the imagination. Remember what farmers grow go in all of the fuel blends and product blends that are continuous like distilled and fuel this is making profits in the economy. SO HANDS OFF! This story was picked-up by Paul Hammel with the Nebraska Examiner. There were no trades or open interest in ethanol futures but a excitable and hot cash market.

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