We kickoff 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., Trade Balance, Exports, Imports, and Fed Collins Speech at 7:30 A.M., Redbook YoY at 7:55 A.M., S&P Global Composite PMI Final and S&P Global Services PMI Final at 8:45 A.M., ISM Services PMI, ISM Services Employment, ISM Services New Orders, ISM Services Prices, and ISM Services Business Activity at 9:00 A.M., 17-Week Bill Auction at 10:30 A.M., Fed Beige Book at 1:00 P.M., Fed Logan Speech at 2:00 P.M., API Energy Stocks and Total Vehicle Sales at 3:30 P.M.

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On the Corn Front, we had a soft Export Inspection number yesterday, however, we had another new flash sale of 251 metric tons of soybeans to destinations unknown. I’m guessing China was the buyer. The corn futures settled higher in yesterday’s action and the Crop Progress showed a dismal crop condition rating. Adding to concerns about yield, and this new regardless of slow exports it remains the corn and soybeans are undervalued, hurting our farmers. We must keep in mind the market is always right and not always speculators. The good news with the heat in the Midwest is moving to more seasonable cycles. Is it too late market closed? That is why I remain bullish while the US corn crop is mature with 67% of the crop in the dent and 93% in dough. The yield loss in both dent and dough can be sizable with corn plants placing 2% of dry matter in kernels each day. Yesterday’s open interest showed corn gaining 7,877 contracts. It is a sign to me this market is ready for a move, and how close to the bottom can we be? In the overnight electronic session, the December corn is currently trading at 487 ½ which is 1 ½ of a cent higher. The trading range has been 489 ½ to 485.

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