We kicked off the day with Chicago Fed National Activity Index at 7:30 A.M., S&P Global Composite PMI Flash, S&P Global Manufacturing PMI Flash, and S&P Global Services PMI Flash at 8:45 A.M., Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., 2-Year Note Auction at 12:00 P.M., and Crop Progress at 3:00 P.M.

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On the Corn Front Mother Nature and Russia’s war machine have not been a good combo this growing season. Russian strikes on the Danube River terminals attempting to end Ukraine marine exports. War and weather premiums are driving higher grain prices, not to mention the export market. This will make the Crop Production, USDA Supply/Demand, and WASDE number more relevant in traders eyes. The Fed meets this week and traders are expecting an interest rate hike of a ¼%. Brazil’s export market is running dry and China has come back to the US market importing more grains. This will make this morning’s Export Intentions more interesting. Even with a higher US dollar this morning the export market should pick up sooner rather than later. A clear message has been sent by Putin to close the Ukraine’s export capability which is already causing Poland, Bulgaria, Romania, and Hungary issues due to depressed farm prices and country wide bans of Ukraine grain. After one of Russia’s targets was 200 yards from Romania, a NATO ALLY. This could escalate the war which all of us don’t want. So let’s end it now! In the overnight electronic session the December corn is currently trading at 556 ¼ which is 20 cents higher. The trading range has been 566 to 540.

On the Ethanol Front the US Grains Council jointly organized the first iteration of Decarbonize Asia: Vietnam `Biofuels Forum will discuss technical, commercial, and environmental considerations for expansion of fuel ethanol use in the country. Approximately 150 participants comprising regulators, policymakers, Vietnamese biofuels producers, fuel companies, international vehicle manufactures, technology providers, and academia attended the forum. This goes to show you regardless of the odds this industry is growing fast. There were no trades or open interest in ethanol futures.

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