We kicked off the day with NFIB Business Optimism Expectations at 5:00 A.M.,  Core Inflation Rate MoM & YoY, Inflation Rate MoM & YoY, CPI s.a., and CPI at 7:30 A.M., Redbook YoY at 7:55 A.M., 52-Week Bill Auction at 10:30 A.M., 30-Year Bond Auction at 12:00 P.M., API Energy Stocks at 3:30 P.M.and FOMC Meeting.

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On the Corn Front weekly Crop Progress showed further deterioration in many states’ subsoil moisture ratings. Reports of 47% of the US cropland was rated as short or very short on subsoil moisture. Soaking rain failed to fall across the heart of the US Ag Belt, Where in Minnesota, Iowa, northern Illinois and Indians, Wisconsin and Michigan precipitation was in limited amounts. Globally erosion in Brazilian corn prices have paused as concerns over US production news spills into the global marketplace. Fears remain that we could face some food shortages come harvest. At the moment Brazil exporters will find record demand and export rather easily at current prices. Grains started out weak and rallied pretty good on production fears. In the overnight electronic session the July corn is currently trading at 623 ¾ which is 6 ¼ cents higher. The trading range has been 624 to 613.

On the Ethanol Front the USDA maintained its forecast for 2023-24 corn used in ethanol in last week’s WASDE report. Weather is the keys to the car in the corn market while ethanol is not only concerned about weather but gas prices and blending prices. The increased blends to E15 will help move more product. There were no trades or open interest in ethanol futures

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