We kicked off the day with NY Empire State Manufacturing Index at 7:30 A.M., Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M.,NOPA Crush at 11:00 A.M., and Crop Progress at 3:00 P.M.

Photo by Waldemar on Unsplash

On the Corn Front Mother Nature is in full play, with forecasts of a heatwave in the Central US which should dry out the saturation of the recent rains. The Grain Complex remain weak ass US exports are taking a back seat to South America, while China’s weak GDP data should pressure the market more and expect more volatility. Buy rumor and sell fact, the market remains grossly undervalued. Russia has abandon the Black Sea Corridor Deal. Consider very low carryover and importers living hand to mouth can not expect Brazilian exports with a well that is running dry. China has been a big importer from Brazil’s will not be able to continue the pace with China’s thirst for grain products as breaking news that there GDP was the lowest in decades but above economic growth in the west. China’s Central Bank is expected to accommodate future economic policy for the remainder of 2023. In the overnight electronic session  the December Corn is currently trading at 518 which is 4 ¼ cents higher. The trading range has been 526 ½ to 515 ½.

On the Ethanol Front Cindy Zimmerman with EnergyAgwire,com reported the Environmental Protection Agency (EPA) will deny 26 petitions from small refineries. Denials of the Renewable Fuel Standard (RFS)Small refinery consistent with  the EPA’s interpretation of the Clean Air Act (SRE) provisions. The clean energy drama continues tounfold. There were no trades or open interest in ethanol futures.

More By This Author:

Undervalued Grains-Fair Value-It’s A Long Way To Tipperary. The Corn & Ethanol Report
WASDE Yield Data? The Corn & Ethanol Report
Weather Continues To Dominate The Market. The Corn & Ethanol Report