Norther Corn Belt Sidelined By Severe Storms & Soggy Conditions. The Corn & Ethanol Report
We started off the day with NY Empire State Manufacturing Index (May) at 7:30 A.M., Fed Williams Speech at 7:55 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., Crop Progress, Net Long-Term TIC Flows (Mar), Overall Net Capital Flows (Mar) and Foreign Bond Investment (Mar) at 3:00 P.M.
Photo by Jesse Gardner on Unsplash
On the Corn front plantings heat up in the eastern and central Corn Belt. Temperatures hit 90 degrees for several days making it the hottest second week of May in 30+ years and for the Corn Belt as a whole. It was also the driest second week of May in 30+ years. In the overnight electronic session, the July corn is currently trading at 797 which is 15 ¾ cents higher. The trading range has been 803 ¾ to 792 ¾.
On the Ethanol front, the U.S. Grains Council followed up on a mission from 2019 returning to Nigeria and Ghana to continue sharing the benefits of ethanol use and encouraging the adoption of future ethanol policies. There were no trades or open interest in ethanol futures.
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