We kickoff the day with MBA 30-Year Mortgage Rate, MBA Mortgage Market Index, MBA Mortgage Refinance Index, MBA Purchase Index, and MBA Mortgage Applications at 6:00 A.M., API Energy Stocks at 9:30 A.M., 17-Week Bill Auction at 10:30 A.M., Fed Interest Rate Decision, FOMC Economic Projections, Interest Rate Projection Longer, Interest Rate Projection Current, Interest Rate Projection 3^rd Yr., 2^nd Yr.,

And 1stYr. At 1:00 P.M., Fed Press Conference at 1:30 P.M., and Dairy Products Sales at 2:00 P.M.

On the Corn Front rains have slowed harvest in the Midwest Corn Belt. The weather is forecasted to have unseasonable warmer and drier weather as this 2023 growing season was interesting at best and we will now during harvest speak of soil moisture which led to lack of crop growth. Now we are facing yields and news from the combine was no surprise. The estimated corn open interest climbed another 13,738 contracts. Now the commodity marketplace seems to be waiting on the Fed decision to raise interest rates, which to the wrath of the US taxpayer, would not be a good idea. We continue to see if there is any growth in US exports and if the Black Sea Corridor deal has not been squashed in the Russian Ukraine war we will be watching those exports. In the overnight electronic session the December corn is currently trading at 479 which is 2 ¾ cents higher. The trading range has been 480 to 474 ½.

On the Ethanol Front the EU takes action to monitor ethanol imports threatening European industry. EU ethanol increased significantly during the COVID pandemic during 2021 and 2022 as we all found out about the many uses ethanol could provide other than fuel ethanol,, hand sanitizers and many other uses. The imports came primarily from Brazil, US, UK, and Peru. This continues to prove this is a growing industry. Yet the US ethanol futures continue to have no market participation.

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