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We kicked off the day with Export Sales and Wholesale Trade data at 7:30 A.M., Wholesale Inventories Month-over-Month data at 9:00 A.M., Financial Accounts of the United States at 11:00 A.M., and Gaker Hughes Oil & Total Rig Count at 12:00 P.M. Consumer Confidence, Consumer Credit Change, and Used Car prices Month-over-Month & Year-over-Year data will be reported at 2:00 P.M.

On the corn front, the USDA will release the weekly Export Sales data a day later due to the Labor Day holiday. We’re expecting corn and soybeans sales to reflect improvement, as current price levels are deemed as attractive by importers. On Monday, we will have Export Inspections following today’s Export Sales. Also on Monday, we will have Crop Progress numbers before Tuesday's Crop Production USDA Supply/Demand and WASDE data.

I cannot stress enough that traders are still sheepish on yields, especially after the crop tours. The upcoming data will prove the results of this crop's yield. Forecasts for the Central US show no evidence of the return of excessive heat or normal rainfall. Soil moisture levels will continue their decline, which has had a significant downward pull on the US summer crop yield.

Corn and soybean seed size is being adversely impacted amid the arid end of the US growing season. We also began the 2023 growing season with dry and warmer temperatures that did not help the crops take root. In the overnight electronic session, the December corn has recently been seen trading at 487 ½, which is 1 ¼ of a cent lower. The trading range has been around 488 ¾ to 485.

On the ethanol front, Biofuels International reports Lummus Technology has announced the commercial availability of its ethanol to sustainable aviation fuel (SAF) process technology. The technology provides operators with a large-scale, commercially demonstrated solution to reduce the aviation industry’s greenhouse emissions.

“Lummus' extensive commercial experience in all steps, including conversion of ethanol feedstock and production of SAF process, gives us a unique advantage to help our customers to produce sustainable fuels,” said Leon de Bruyn, President and Chief Executive Officer of Lummus Technology. “Our process leverages proven, commercial-scale technologies that we integrate to meet aviation industry’s growing demand for SAF and support its decarbonization efforts."

There were no trades or open interest seen in ethanol futures.

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