We kicked off the day with Chicago Fed Activity Index at 7:30 A.M., Existing Home Sales (May) and Existing Home Sales MoM (May) at 9:00 A.M., Export Inspections at 10:00 A.M. #-Month & 6-Month Bill Auction at 10:30 A.M., Milk Production at 2:00 P.M.,, Fed Barkin Speech at 2:30 P.M., and Crop Progress at 3:00 P.M.

Photo by Sindy Süßengut on Unsplash

On the Corn Front after a relatively cool and wet planting season, temperatures turned much hotter in mid-June across the Corn Belt with record high temperatures. According to WeatherTtrends360`, the second Full week of week ending June 18, was the second and ninth driest in 30+ years for the Corn Belt. Since the season is still early, the burst of hot weather wasn’t overly concerning initially, however, if the pattern continues, complications for the corn crop may begin to unfold very quickly. In the overnight electronic session the July corn is currently trading at 769 which is 15 ½ cents lower. The trading range has been 778 ¼ to 763 ¼

On the Ethanol Front Biden dismissed the idea ethanol could help slash gas prices as the administration struggles to rising cost. The president also wondered what purpose of the Menlo, Iowa event was, according to the outlet, as he stood in front of a tractor to announce the authorization of the E15 gasoline in a effort to increase the blend and bring down prices. “It’s not going g solve all of our problems,

Biden said in April in Iowa. “It’s going to help some `people, and I’m committed to do whatever I can help, even if it’s an extra buck or two.in the pockets when they fill up, or make a difference in peoples lives.” There were no trades or open interest in ethanol futures.

On the Crude Oil Front today is the Last Trading Day in July futures. The crude and products are showing no signs of relief as we have run away bull market. API’s will be tomorrow as the Monday holiday.  We still have a bad energy policy that seems to be running in circles with no end in sight, when the cure of to inflated prices across the board. In the overnight electronic session, the August crude oil is currently trading at 11027 which is 228 points higher. The trading range has been 11080 to 10682.

On the Natural Gas Front forecast of temperatures moderating caused the selloff. In the overnight electronic session, the July natural gas is currently trading at 6.737 which is 0.207 lower. The trading range has been 6.845 to 6.554.