We kicked off the day with Import & Export Prices MoM & YoY, at 7:30 A.m., Michigan Consumer sentiment Prel, Michigan 5-year Inflation Expectations Prel,Michigan Consumer Expectations Prel, Michigan Current Conditions Prel, and Michigan Inflation Expectations Prel at 9:00 A.m., Baker Hughes Oil & Total Rig Count at 12:00 P.M.

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On the Corn Front we continue to assess damage caused from Wednesday’s storms. The USDA-WASDE will change their tune on yield forecasts. Where there is rain there are floods. The areas receiving rain, begging for soil moisture came fast and furious shocking the crops. There are still areas that are still in drought mode as they receive little to nil moisture from the atmosphere. There are expectations of drought intensification into the Northern Plains and Upper Midwest. The forecast next week are temperatures in the 90’s and dry west of the Mississippi in states of Oklahoma, Nebraska, Missouri, and Iowa. This should really register on the Drought Monitor. As Arizona, Nevada, and Texas experiencing intense heat 20-30 degrees over the 90’s. That is Hot & Unbearable. Exports remain slow as China is relying on Brazil for most of their grain imports. We do have record lows in carryover and Mother Nature is going to play a key role and a big player in yields we can produce. The market is way undervalued and should attract importers that will be getting more bang for their buck. We are in the critical stage hoping weather will mitigate crop stress and produce better yields. I do not expect a bumper crop. We have commented on food shortages farmers have been telling me for more than two years. As I stated before US crops are grossly undervalued on the world stage with a sagging US dollar and a runaway inflationary economy is not helping farmers to break even. I will remind you I said I will say this until you’re sick to the stomach, “:It is not what you plant but what you grow.” We will have an interesting USDA-WASDEnumber next August 12^th that should really paint a picture of crop conditions as we move into harvest.In the overnight electronic session the December corn is currently trading at 510 ¾ which is 10 ¼ cents higher. The trading range has been 513 ¾ to 497 ¼.

On the Ethanol Front a statement issued by the Indiana Department of Environmental Management said that ethanol disperses in water naturally and water samples showed improved levels of oxygen, suggesting the degradation of ethanol. It is still unclear how much ethanol spilled from the South Bend Ethanol Plant into the Dixon Ditch as waterways run west to LaPorte County and headwaters of the Kankakee River. The IDEM said they have not seen any adverse impact on the environment but pumping water out of the ditch is not an option because it could adversely affect aquatic life in the ditch. IDEM said it will continue to monitor the situation and we will keep you posted on further developments as we go through the dog days of summer. There were no trades or open interest in ethanol futures.

More By This Author:

WASDE Yield Data? The Corn & Ethanol Report
Weather Continues To Dominate The Market. The Corn & Ethanol Report
Rain Temperatures & Overall Weather Dominate. The Corn & Ethanol Report