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We kickoff the day with Redbook YoY at 7:55 A.M., Pending Home Sales MoM & YoY, Richmond Fed Manufacturing Index, and Richmond Fed Services Index at 9:00 A.M., Dallas Fed Services Index and Dallas Fed Services Revenue Index at 9:30 A.M., 2-Year FRN Auction and 17-Week Bill Auction at 10:30 A.M., 5-Year Note Auction at 12:00 P.M., and API Energy Stocks at 3:30 P.M.

On the Corn front, prices continue to rise in this weather market. Like all markets, the markets rallied and consideration of a bad economy fueled the mid-day selloff only to rebound back to session highs before the close of the session. Farmers are warning us, at the current pace with the push on ethanol blends, not to mention feed for cattle will produce shortages for human consumption. The administration continues to turn a blind eye to the obvious and will not change course, even when they know they are wrong. We need common sense to navigate us out of these troubled waters. Is this intentional or does the current administration just not care? Either way, the US taxpayer is picking up the tab while we get walked all over on the Southern border. In the overnight electronic session, the March corn is currently trading at 674 ½ which is a ¼ of a cent lower. The trading range has been 674 ¾ to 672 ¾.

On the Ethanol front, the EPA seeks to mandate more use of ethanol and other biofuels in our gas tanks. Can you say disaster? The record speaks for itself. Ethanol production is outproducing common sense and the actions from the EPA will once again the American taxpayer while we will have food shortages.

More By This Author:

Corn & Ethanol Sparking Interest. The Corn & Ethanol Report
Market Whipsaw Continues. The Corn & Ethanol Report
Corn Downward Spiral Continues. The Corn & Ethanol Report