We kickoff the week with Fed Bowman and Fed Bostic Speech at 7:30 A.M., Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., Consumer Credit Change, Used Car Prices MoM & YoY at 1:00 P.M., and Crop Progress at 3:00 P.M.

On the Corn Front traders are gearing up for Friday’s Crop Production, USDA Supply/Demand and WASDE data. Rains are forecasted in the Central US. Weather models disagree on intensity and location. The disagreement from 1 inch plus rains regions benefits favor South Dakota, Minnesota and Tennessee. Long range guidance keeps a Ridge/Trough pattern intact. If verified, heat stays absent from the Central Plains and Midwest into the latter part of the month, while additional rain favor The Great Lakes and Northwest Midwest. Due to volatility swings traders are reluctant to add more risk tolerant positions. We head into Friday’s reports with private crop tours in full swing assessing crop yields. The Black Sea war tensions are on the rise with exporters struggling with securing freight insurance as the war spreads to the high seas. In the overnight electronic session the December corn is currently trading at 495 ¼ which is 2 cents lower. The trading range has been 501 to 494.

On the Ethanol Front it has been a quiet Monday as traders continue to focus on the corn crop. Corn use for ethanol will be closely watched on Wednesday EIA Energy Stocks and Friday’s WASDE data. There were no trades or open interest in ethanol futures.

Have An Excellent Trading Day!

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