We kicked off the day with Export Sales, Non-Farm Payrolls, Unemployment Rate, Average Hourly Earnings MoM & YoY, Participation Rate, Manufacturing Payrolls, Average Weekly Hours, Government Payrolls, Nonfarm Payrolls Private, and U-6 Employment Rate at 7:30 A.M., EIA Natural Gas Storage at 9:30 A.M., and Baker Hughes Oil & Total Rig Count at 12:00 P.M.

image source

On the Corn Front we are in a critical time for grains to catch up with the drought we have been experiencing since the winter. No ice or major snow across the Corn Belt has led to a deficit in subsoil moisture. The Drought Monitor slightly relaxed over the heavy rains the Midwest recently. However, there was farmland that received zero moisture and he crops have a thirst for subsoil moisture and moisture as we move into a critical chapter of the growing season with pollination and tasseling for corn. Although we had some good news with rains the dryness and ratings monitoring subsoil moisture for corn and soybeans were still 3% below last week. This is a sign of where we are at in this [part of the growing season. Next Wednesday we have Crop Production USDA Supply/Demand and WAASDE data. We could see some movement in the export market as Argentina and Brazil are close to being tapped. Open Interest continues to grow and the funds are short and maybe piling on more. In the overnight electronic session the December corn is currently trading at 500 ½ which is 6 cents lower. The trading range has been 509 ½ to 492 3/4,.

On the Ethanol Front the cash market continues to roll as the government weighs on mandates to favor electric cars. As we see light at the end of the tunnel as we move to electricity, the bottom line the only way to produce electricity is the internal combustion engines that actually fuel our gas tanks. As we became more aware during the COVID-19 pandemic of the many uses ethanol can provide other than fuel such as distillate alcohol which provides sanitary options we never imagined and the many other uses this commodity provides. There were no trades or open interest in ethanol futures.

More By This Author:

Cooler Temps & Rains Just What The Dr. Ordered. The Corn & Ethanol Report
When It Rains It Pours. The Corn & Ethanol Report
Planted Acreage Today Followed By Crop Ratings Monday. The Corn & Ethanol Report