We started off the month with MBA Mortgage Market Index (27/May), MBA Mortgage Refinance Index (27/May), MBA Purchase Index (27/May), MBA Mortgage Applications (27/May) and MBA 30-Year Mortgage Rate (27/May) at ^:00 A.M., Redbook YoY (28/May at 7:55 A.M., A&P Global Manufacturing PMI Final(May at 8:45 A.M., ISM Manufacturing PMI (May), JOLT’s Job Openings (Apr), JOLT’s Job Quits (Apr), Construction Spending MoM (Apr), ISM Manufacturing Employment (May), ISM Manufacturing New Orders (May) and ISM Manufacturing Prices (May) at 9:00 A.M., Dallas Fed Services Index (May) and Dallas Fed Services Revenue Index (May at 9:30 A.M., Fed Williams Speech at 10:30 A.M., Fed Bullard Speech at 12:00 P.M., Fed Beige Book at 1:00 P.M., Cotton System, Fats & Oils and Grain Crushings at 2:00 P.M. and API Energy Stocks at 3:30 P.M.

Photo by Adrian Infernus on Unsplash

On the Corn Front it was a huge risk off day due to the EU talks with Russia to open a corridor for Ukraine corn and wheat exports. Russia would oblige if sanctions were lifted and I do not expect that to happen. The black Sea is loaded with mines in fear of a Russian amphibious attack. Drought continues to devastate the Brazilian crop. Corn prices slump 3% in yesterday's action. Scattered rains are possible Wednesday through Saturday, with a band stretching from northern Texas through central Illinois likely to see the highest totals. In the overnight electronic session the July corn is currently trading at 754 ¼ which is ¾ of a cent higher. The trading range has been 756 ¼ to 747 ¾.

On the Ethanol Front the US Department of Transportation (DOT’s) Pipeline and Hazardous Materials Safety Administration (PHMSA) is taking steps to implement new measures to strengthen its safety oversight of carbon dioxide (CO2) pipelines around the country. We will keep you posted on this story as it develops. There were no trades or open interest in ethanol futures.

On the Crude Oil Front OPEC+ reportedly is considering suspending Russia from the supply deal. OPEC delegates are concerned about growing economic pressure on Russia and its ability to pump more crude to cool soaring prices. This is another headline that has been game changer since the invasion of the Ukraine has impacted global oil flows. In the overnight electronic session the July corn is currently trading at 11729 which is 261 points higher. The trading range has been 11787 to 11458.

On the Natural Gas Front the energy markets are in risk on mode and this market is making up for lost ground in yesterday's action. In the overnight electronic session the July natural gas is currently trading at 8.549 which is 0.404 higher. The trading range has been 8.580 to 8.146.