We kicked off the day with S&P Global Composite PMI Final and S&P Global Services PMI Final at 8:45 A.M., ISM Services PMI, Factory Orders MoM, ISM Services Employment, ISM Services New Orders, ISM Services Prices, Factory Orders ex Transportation, and ISM Business Activity at 9:00 A.M. Export Inspections at 10:00 A.M., 3-Month & 6-Mnth Bill Auction at 10:30 A.M., Dairy Products at 2:00 P.M., and Crop Progress at 3:00 P.M.

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On the Corn Front Friday’s action showed the intensity of fears with the market trading lower in the early going and a turnaround with weather forecasts suggested minimal moisture for the central and eastern Corn Belt. High temperatures are expected to moderate but moisture is the key issue at the moment. Every farmer and trader will focus on the Drought Monitor in the next couple of weeks, unless we have heavy rains that are not expected in this critical time for the crops. In the overnight electronic session the July corn is currently trading at 608 which is ¾ of a cent lower. The trading range has been has been 614 to 605 ½.

On the Ethanol Front Darin LaHood (R-Il) sent a letter to US Trade Representative Katherine Tai urging her to protect US farmers and biofuel producers and prioritize US ethanol export competitiveness in the Brazilian market by addressing current unfair trade practices. Growth Energy CEO Emily Skor applauded the letter and thanked the bipartisan group of members for calling attention to the current trade imbalance US ethanol producers face in Brazil. There were no trades or open interest in ethanol futures.

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