Tropical Storm Elsa. The Corn & Ethanol Report
We started off the day with Market Composite PMI Final (Jun) and Market Services PMI Final (Jun) at 8:45 A.M. ISM Non-Manufacturing Index, IBD/TIPP Economic Optimism (Jul), ISM Non-Manufacturing Prices (Jun), ISM Non-Manufacturing Business Activity (Jun) ISM Non-Manufacturing New Orders (Jun) and ISM Non-Manufacturing Employment at 9:00 A.M., NY Fed Treasury Purchase 0 to 2.25 yrs. at 9:30 A.M., Export Inspections at 10:00 A.M., 3-Month and 6-Month Bill Auction at 10:30 A.M., 42-Day Bill Auction at 12:00 P.M., and Crop Progress at 3:00 P.M.
Image by Free-Photos from Pixabay
Tropical Storm Elsa last updated by the National Hurricane Center at 4:00 A.M., the latest cone shows a life-threatening storm surge along the west coast of Florida and has it moving north through Florida and Georgia then moving along the eastern U.S. coastline.
On the Corn front, we start off the week with more severe drought conditions moving across the Upper Midwest and this is not good news in Corn Country or whatever crops you grow. We will have Export Inspections and Crop Progress today which should be a good indicator to fundamentalists watching weather and the shorter-term technicians have run aground. Weather will be a key issue from here on out and traders will be watching weather developments in South America as global carryover is very thin.
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