We kicked off the day with Export Sales, Personal Income MoM (may), Personal Spending MoM (May), PCE Price Index MoM & YoY (May), Initial Jobless Claims (25/Jun) Jobless Claims 4-Week Average (25/Jun), Continuing Jobless Claims (18/Jun) and Core PCE Prices MoM & YoY at 7:30 A.M., Chicago PMI (Jun) at 8:45 A.M., EIA Gas Storage at 9:30 A.M>, 4-Week & 8-Week Bill Auction at 10:30 A.M., Quarterly Grain Stocks and Planted Acreage at 11:00 A.M.

Photo by Waldemar Brandt on Unsplash

On the Corn Front we ended up mixed in yesterday’s action. There is expected there will be no deliveries in July and whispers the commercials are short July corn and unable to buy corn. Traders differ on the acreage numbers as some expect an increase on US corn acreage and others say not so fast in this growing season, it was a busier than usual planting season with weather and that has analysts and traders thinking those thoughts. Another wrinkle is the news the Ukraine retaking the Snake Islands a strategic post and most likely will take back the sea lanes in the Black Sea. I cannot confirm how deep in the crop that can be exported. In the overnight electronic session the December Corn is currently trading at 646 ¾ which is 7 cents lower. The trading range has been 653 ¾ to 646 ¼. Buckle Up Your Chinstrap at 11:00 A.M.

On the Ethanol Front no major headlines we have not heard before. The good news a kind gesture over the 4^th of July weekend from the Sheetz chain to give a break to drivers this busy holiday traffic weekend. How American is that? Take a bow and God Bless the people at Sheetz. There were no trades or open interest in ethanol futures.

On the Crude Oil Front profit-taking and end of the quarter selloff in the early in the going. No other headline I see this morning. In the overnight electronic session the August crude oil is currently trading at 10844 which is 134 points lower. The trading range has been 11045 to 10837.

On the Natural Gas Front the market is eyeing a tropical storm that most likely not be named but could wreak havoc on the coasts of Texas, Louisiana, Alabama and Florida. The market in the early going is not pricing in the risk, or maybe some are expecting little or no damage in refinery row. And we have the Gas Storage and the Thomson Reuters poll with 15 analysts participating estimates injections  ranging from 68 bcf to 80 bcf with a mean increase of 72 bcf and the hard number 74 bcf. This compares to the one-year injection of 25 bcf and the five-year average of 60 bcf. In the overnight electronic session the August natural gas is currently trading at6.458 which is o.040 lower. The trading range has been 6.530 to 6.312.

God Bless Hershel “Woody” Williams who passed away. Woody was the last surviving Congressional Medal of Honor recipient from WW II.