We kicked off the day with Redbook Y0Y at 7:55 A.M., IBD/TIPP Economic Optimism, Factory Orders MoM, and Factory Orders ex Transportation at 9:00 A.M., 17-Week Bill Auction at 10:30 A.M., FOMC Minutes at 1:00 P.M., Fed Williams Speech at 3:00 P.M., API Energy Stocks, and LMI Logistics Managers Index Current at 3:30 P.M.

Photo by Waldemar on Unsplash

On the Corn Front the market was higher Monday in the early going but fell sharply back due to heavy rains that was forecasted did happen. Critical rainfall did come at the end of last week for many corn fields, in the heart of the Corn Belt, that was much needed moving Crop Progress higher overall, but we had the haves and haves not, with some locations in the Corn Belt remaining light on moisture. Normal-to-cool weather is expected through mid-July for most of the Corn Belt, mostly favorable for pollination. Corn fields should begin tasselling within the next 10 days or so. The Ohio corn is about three weeks out and North Dakota is between two and five weeks away since the corn fields are very uneven. The corn open interest showed a gain of 14,737 contracts in Monday’s action. We should have an interesting trading session today with no overnight trade in the grain complex. The opening call on corn is expected to be anywhere from 2 to 5 cents higher.

On the Ethanol Front  German biofuel producer CropEnergies (CE2G.FE) reported a drop in first-quarter core profits earlier today, hit by softer ethanol prices and lower production due to maintenance shutdowns. The companies earnings before interest, taxes, depreciation and amortization (EBITDA) fell 74% to 25 million euros or $27.2 million in the March to May quarter, compared to the same period last year. It’s shares fell ^% in early trading. There were no trades or open interest in ethanol futures.

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