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We kickoff the day with NY Empire State Manufacturing Index at 7:30 A.M., Fed Harker Speech at 9:30 A.m., Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., NOPA Crush Report at 11:00 A.M., Crop Progress at 3:00 P.M., and Fed Harker Speech at 3:30 P.M.

On the Corn Front the Commitment of Traders report showed a week of fund liquidation the grain markets. The exception was corn, where the funds covered nearly 47,000 contracts of their net-short position. Funds were net sellers of more 2,800 contracts of soybeans and net sellers of more than 10,000contracts of wheat spread across all 3 wheat exchanges. Funds are still short close to 113,000 contracts of corn., which is the most for early October since 2017. Funds were net long 2,200 contracts of soybeans, the lowest in 4-years. Funds were net short close to 154,000 contracts of wheat spread-over the 3 exchanges, which is a record for early October. It is always nice to see where the funds are, especially, in the current environment. We still believe the world could face food and energy shortages as the war in Israel is still unfolding, so we will be keep you abreast  in reporting world supply. At the moment Argentina remains dry at the moment, with the moisture side of their El Nino has yet to show. Brazil is also facing hot and dry conditions in northern and  central Brazil. Nearly 2/3 of the country is being affected. It is all about weather, yields, and maritime safe shipping channels. In the overnight electronic session the December corn is currently trading at 492 which is 1 ¼ of a cent lower. The trading range has been 496 ¾ to 491 ½.

On the Ethanol Front The Renewable Fuels Association (RFA) has been calling out California Air Resources Board for slow-walking E15 approval. The RFA called on the agency to expeditiously approve the use of cleaner-burning, lower-carbon E15 gasoline blend, which contain 15% ethanol. The RFA noted that California is one of only two states in the country that still do not allow the use of E15, and the states failure to approve the fuel has caused unnecessary in greenhouse gas emissions and tailpipe pollution linked to smog, as well as higher prices at the pump for California consumers. The world is still waiting for California to unveil their highspeed rail. There were no trades or open interest in ethanol futures.

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