We started off the day with Challenger Job Cuts (Jun) at 6:30 A.M., Export Sales, Initial Jobless Claims (26/Jun), Jobless Claims 4-Week Average (26/Jun), and Continuing Jobless Claims (19/Jun) at 7:30 A.M., Markit Manufacturing PMI Final (Jun) at 8:45 A.M., ISM Manufacturing PMI (Jun), Construction Spending MoM (May), ISM Manufacturing Prices (Jun), ISM Manufacturing New Orders (Jun) and ISM Manufacturing Employment (Jun) at 9:00 A.m., NY Fed Purchases 22.5 to 30 yrs., EIA Gas Storage, 4-Week & 8-Weel Bill Auction at 9:30 A.M., Cotton System, Fats & Oils and Grain Crushings at 2;00 P.M.

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On the Corn front, June 1^st, 2021 Stocks were down 0.893 billion bushels than last year and .032 billion lower than the average estimate. June 1^st Plantings were up 1.548 million acres from March 1^st but down on the analysts average of 1.095 million acres. These numbers sent the market flying from the negative net change on the lows to have the Sep., Dec, Mar, and May settle limit bid. The fundamentals were sure a change in fortunes that the market had been struggling with. In the overnight electronic session the December corn is currently trading at 607 ½ which is 19 cents higher the trading range has been 611 ¼ to 591 ¼.

On the Ethanol front, production and stocks were up according to the EIA with production averaging 1.058 million barrels a day, an increase of 10,000barrels on the week and 158,000 on the year. Stocks were reported at 21.572 million barrels, the biggest supply since mid-March and an increase of 452,000 from a week ago and 1.408 million barrels from a year ago. The RFA said imports averaged 23,000 barrels a day last week. There were no trades posted in the overnight electronic session. The August contract settled at 2.380 with Open Interest at 2 contracts.

On the Crude Oil front, OPEC and OPEC+ are wrangling on the decision of production cuts as conditions look upbeat with price and demand for OPEC and U.S. producers. Whispers are they may toe-the-line with Iran making their exports known quietly. In the overnight electronic session the August crude oil is currently trading at 7517 which is which is 170 points higher. The trading range has been 7545 to 7339.

On the Natural Gas front, Tropical Storm Elsa has formed and expected to reach the Gulf of Mexico early next week. This is adding to premium to the market we have already realized with growing exports and hot & dry weather. We also have the EIA Gas Storage today and the Thomson Reuters weekly poll with 18 analysts participating estimate builds from 55bcf to 75bcf with the median injection of 68bcf. This compares to the one-year injection of 57bcf and the five-year average build of 63bcf. In the overnight electronic session the August natural gas is currently trading at 3.741 which is .091 higher. The trading range has been 3.764 to 3.677.