We kicked off the day with Personal Income MoM (Jun), Personal Spending MoM (Jun), Employment Cost IndexQoQ Q2, PCE Price Index MoM & YoY (Jun), Employment Cost-Benefits QoQ Q2, Employment Cost-Wages QoQ Q2, and Core PCE Prices MoM & YoY (Jun) at 7:30 A.M., Chicago PMI (Jul) at 8:45 A.M., Michigan Consumer Sentiment Final (Jul), Michigan 5-Year Inflation Expectations Final (Jul), Michigan Current Conditions Final (Jul), and Inflation Expectations Final (Jul) at 9:00 A.M., and Baker Hughes Oil and Total Rig Count tat 12:00 P.M.

Photo by Adrian Infernus on Unsplash

On the Corn Front we are in a weather market. Look at the Jet Stream which you can see why we could see severe weather conditions across the board, and we are critical time during pollination. The export market remains slow, but expect that to change during the autumn months. The Corn Belt is at a high risk for the weather next week and it is no secret the grain were oversold and the fundamentals and weather are driving this market. In the overnight electronic session the September corn is currently trading at 625 1/2 which is 10 ½ cents higher. The trading range has been 626 to 612.

On the Ethanol Front seems like a quiet day with no new headlines in the cash market and the futures remain drydock.

On the Crude Oil the futures realize the risk and is taking another leg up. With our inventory low and Russia is cutting gas on the Nord Stream. Whoever said it? “It’s a good thing Russia at the controls of the pulse of the EU,” We can drill at home and have cleaner oil or to we import dirtier crude to the environment. If the administration would atop strangling the Oil Industry a lot of our woes would take care of itself. So many factors like employment and other problems would be resolved for everyday  Americans. In the overnight electronic session the September crude oil is currently trading 9871 which is 229 points higher. The trading range has been 9902 to 9641.

On the Natural Gas Front Europe’s heatwave forced a shift to coal and natural gas. Who thunk? Enough said, I don’t need to stress on what stress is their power grid is taking. And coal and gas are the answers. All of the sunshine and wind will keep up with demand. In the overnight electronic session the September natural gas is currently trading at 8.257 which is 0.123 higher. The trading range has been 8.268 to 8.060.

More By This Author: