Photo by Christophe Maertens on Unsplash

We kicked off this solemn day with Consumer Inflation Expectations, and Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., 3-Year Note Auction at 12:00 P.M., and Crop Progress at 3:00 P.M.

On the Corn front, the grain complex is choppy ahead of today’s Export Sales and Crop Progress. The volatility is also due to tomorrow's Crop Production USDA Supply/Demand and WASE data. Friday's open interest on corn fell 422 contracts as speculators are turning to options for risk tolerance. US corn crop is in dent 80% and corn yield remains disappointing with farmers reporting that tip back and small kernels have harmed actual yield. The Midwest corn harvest is expected to gather steam this week. The time for rain to benefit yield as producers are anxious to get at corn harvest due to poor silk quality. Russia failed to agree to a sweetened UN/Turkish proposal to reopen the Black Sea Corridor for Ukraine at the G20 meeting in Delhi, India. Ukraine exports across Europe in maritime exports will flow down the Danube River which will be costly and passed on to the consumer. In the overnight electronic session the December corn is currently trading at 484 ¼ which is a ½ of a cent higher. The trading range has been 486 to 482 ¼.

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