We kicked off the day with Fed Master Speech at 5:30 A.M., MBA Mortgage Market Index (24/Jun), MBA Mortgage Refinance Index (24/Jun),MBA Purchase Index (24/Jun) MBA Mortgage Applications (24/Jun) and MBA 30-Year Mortgage Rate at 6:00 A.M., GDP Growth Rate QpQ Final Q1, GDP Sales QoQ Final Q1, PCE Prices QoQ Final Q1, Real Consumer Spending QoQ Final Q1, Core PCE Prices QoQ Q1, Corporate Profits QoQ Final Q1 at 7:30 A.M. EIA Energy Stocks at 9:30 P.M., Dairy Products Sales and Hogs & Pigs at 2:00 P.M.

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On the Corn Front traders are differed on tomorrow's acreage numbers and Quarterly Grain Stocks. This is always is a big one or should I say two. With China softening their lockdown and the export market that is finally showing some decent numbers, that is just another bullish sign that with inflation and weather fears will make the markets rise. The break to the downside has created some buying with traders seeking value. In the overnight electronic session the December corn is currently trading at 662 ¼ which is 3 cents higher. The trading range has been has been 662 ½ to 654 ¼.

On the Ethanol Front Sheetz, Inc. which is headquartered in Altoona, Pennsylvania which offers custom food, beverages and a convenience store items. They also have full-scale truck stops and laundromat. They also have locations in West Virginia, Ohio, Virginia and North Carolina. If you are planning a road trip the chain is giving a 4^th of July present. Effective immediately, Sheetz is reducing the price to $3.99 for Unleaded88 and 43.49 a gallon for E85. Take advantage if you can, this is a limited offer that will not be available past the weekend holiday travel. There were no trades or open interest in ethanol futures.

On the Crude Oil Front our current energy czars do not have the Midas touch. When attempting to put a band-aid on a self-inflicted wound, they do anything realistic to fix the problem and own up to the mistakes the administration is making it worse. Last night’s API’s showed draws in crude at -3.799M, Cushing -0.650M, and builds in products with gasoline +2.852M and distillates + 2.613. In the overnight electronic session the August crude oil is currently trading at 11334 which is 158 points higher. The trading range has been 11359 to 11078.

On the Natural Gas Front warming temps and the National Hurricane Center is eyeing a Tropical Wave that could be named Tropical Storm Bonnie which is in the Caribbean headed west. And Disturbance 1 churning in the Gulf which could threaten the energy refiners and energy as a whole. This has prices on the move. In the overnight electronic session the August natural gas is currently trading at 6.677 which is 0.107 higher. The trading range has been 6.833 to 6.629.