We kicked off the day with S&P Global Manufacturing PMI Final (Jun) at 8:45 A.M., ISM Manufacturing Price (Jun), Construction Spending MoM (May), ISM Manufacturing Employment (Jun), ISM Manufacturing New Orders (Jun), and ISM Manufacturing prices at 9:00 A.M., Baker Hughes Oil & Total Rig Count at 12;00 P.M., Cotton System, Dairy Products, Fats & Oils and Grain Crushings at 2:00 P.M.

Photo by Adrian Infernus on Unsplash

On the Corn Front the USDA did not show a real bullish number across the board even with corn acreage slightly friendly, However, the market still went into the abyss following soybeans and wheat with news of rains across the Midwest today and next week and our 4^th of July weekend will be in the 90 degrees level. Funds are estimated to be net long 230,000 corn contracts., while the lost 5% in yesterday’s action. This may give us some sort of a break on food price, but not match the break for the holiday weekend barbecues. The spot July corn futures are 10 ½ cents higher in the overnight, while the December corn is currently trading at 624 ¼ which is 4 ½ cents higher. The trading range has been 627 to 612.

On the Ethanol Front we saw ethanol production at a slight week-to-week decline. The EIA says production average of 1,051 million barrels a day last week down 4,000 from last week and 7,000 below last year. Ethanol Stocks fell to their lowest level this year at 22.746 million barrels, a decrease of 730,000 on the week, but an increase of 904,000 on the year. Ethanol futures remain in drydock with zero activity.