Planted Acreage Today Followed By Crop Ratings Monday. The Corn & Ethanol Report
We kicked off the day with Core Prices MoM & YoY, Personal Income MoM, Personal Spending MoM, PCE Price Index MoM & YoY at 7:30 A.M., Chicago PMI at 8:45 A.M., Michigan Inflation Expectations Final, Michigan 5-Year Inflation Expectations Final, Michigan Consumer Sentiment Final, Michigan Consumer Expectations Final, Michigan Current Expectations Final, and Michigan Current Conditions Final at 9:00 A.M., Quarterly Grain Stocks and Planted Acreage at 11:00 A.M., and Baker Hughes Oil & Total Rig Count at 12:00 P.M.
On the Corn Front, we received much-needed rain, but at a cost with high winds, floods and tornados causing a Derecho effect which will be another challenge for yields. These storms ripped through Northern Missouri, Southern Iowa, and Central Illinois. It will be hard to estimate the impact of bushels or yield. In the overnight electronic session the July corn is currently trading at 585 which is 4 cents higher. The trading range has been 588 ¾ to 582.
On the Ethanol Front a Wisconsin ethanol facility, Dedion Ethanol LLC, settled a civil penalty of $170,000 and will provide additional relief to settle the alleged violations to the Clean Air Act. The facility located in Cambria, Wisconsin was allegedly violated the 2014 and 2018 permits when it failed to direct emissions from the formation process to the ethanol recovery system, didn’t develop a sufficient prevention, abatement plan and failed to operate its flare without visible emissions, according to the EPA. We may see more of this as the ethanol cash market growing by leaps and bounds while the ethanol futures remain in drydock. There were no trades or open interest in ethanol futures.
More By This Author:
Deferred Month Corn Taking A Beating. The Corn & Ethanol Report
Rainfall Is Critical. The Corn & Ethanol Report
Concerns & Fears With Weather & Yields. The Corn & Ethanol Report
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