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We kicked off the afternoon with Baker Hughes Oil & Total Rig Count at 12:00 P.M.

On the corn front: we did get some rain, and if the temperatures drop, it will be bearish for corn & soybeans. The market is also weighing the factors of the China crackdown to suppress prices, and the rally of the US dollar is not helping prices sustain fair market value.

We did have some rainfall in the Midwest, but I still believe it is not enough to justify selling off the grains like we have seen. As the grains continue to soak up the moisture and soybean oil continues to correct, we will see the markets under pressure. In the overnight electronic session, the July corn has been recently trading at 647 ¼, which is 14 ¼ cents higher. The trading range has been 647 ½ to 629 ½.

On the ethanol front: the market is waiting on the Supreme Court to hand out its decision on refinery waivers and the EPA’s jurisdiction to make all parties comply. Other countries like India are showing that they want to achieve the Paris Climate accords and are ramping up domestic commodities to make ethanol.

This could and should be a boon in US exports if these countries are serious about matching the goal of eliminating carbon emissions. There were no trades posted in the overnight electronic session. The July ethanol settled at around 2.460 and has been recently showing no market open interest at 20 contracts.

On the crude oil front: Russian drillers are loving the fact that Black Texas Tea is on the rise. After last year’s hand-cuffing demand, it looks like we're back in the saddle again. Too bad we do not have Keystone Pipeline XL, which saw all that business go to Russia. In the overnight electronic session, the July crude oil has been recently trading at around 7058, which is 46 points lower. The trading range has been 7112 to 7033.

On the natural gas front: the market is easing off premium as hot temperature forecasts have changed. We saw the rally due to fears and realization that air-conditioners were in use. Producers and traders do not want to miss the show of a demand-driven market. In the overnight electronic session, the July natural gas has been recently trading at around 3.196, which is .057 lower. The trading range has been 3.219 to 3.166.