We kicked off the week with Fed Barr Speech, Wholesale Inventories MoM at 9:00 A.M., Export Inspections, Fed Daly Speech, Fed Mester Speech, and Consumer Inflation Expectations at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., Fed Bostic Speech at 11:00 A.M., Consumer Credit at 2:00 P.M., Crop Progress at 3:00 P.M., Used Car Prices MoM & YoY.

Photo by Waldemar on Unsplash

On the Corn Front weather remains on the radar. The numbers on the Planted Acreage report had the bears rolling again. Funds remain short expecting selling pressure. We did see a long liquidation in Friday’s action with corn open interest falling roughly 12,174 contracts. We are witnessing a telltale sign that fundamentals are overriding the technical charts. We still have weather as the main focus with some areas receiving much needed rains while others struggle with drought and dryness. The market is adding premium with heat forecasts are expecting a heatwave in the Corn belt the last week and a half of July. Wednesday we have Crop Production USDA Supply/Demand and WASDE data which could ad a further twist. In the overnight electronic session the December corn is currently trading at 500 ¾ which is 6 ¼ cents higher. The trading range has been 501 ¾ to 494 ½.

On the Ethanol Front there was an explosion at Ringneck Energy ethanol plant in Onida, South Dakota. No injuries were reported after the plants explosion. Walt Wendland, CEO of Ringneck Energy, confirmed to the Argus Leader the company experienced an explosion at 1:15 P.M. Sunday. “Looks like no major equipment damage, but there’s a lot of tin (siding) and ceiling tiles to put back in place,” Wendland said. There were no trades or open interest in ethanol futures.

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