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We started off the day with Chicago Fed National Activity Index (March) at 7:30 A.M., the Dallas Fed Manufacturing Index (April) at 9:30 A.M., Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., and Crop Progress at 3:00 P.M.

On the corn front, AgWeb reports on a big question. Can corn hit $10 this year? Farmers and traders are betting 90 million bushels it will. We have rainy and cooler than normal temperatures that will delay plantings again this week with no timetable when Mother Nature will spawn spring weather. We will be focused on weather, the export market in South America, and the void left with Ukraine most likely out of the export market for now.

With the July corn trading near 790, $10 corn does not seem impossible to fathom. And let’s not forget the drought in North Dakota, Montana, and Canada to add premium. In the overnight electronic session, the July corn has recently been trading at around 787, which is 2 cents lower. The trading range has been 795 ½ to 781.

On the ethanol front, President Joe Biden announced he is suspending a federal rule preventing the sale of higher ethanol blends, which is an effort to bring down prices at the pump that spiked with the war in the Ukraine. Anyone following the oil market knows crude, distillates, and gasoline were sky-high before hostilities began.

Sarah Beckman with WCNC Charlotte asked the question, does using higher ethanol blends save you money? The sources with the answer were Patrick De Haan with GasBuddy, The US Department of Energy, and AAA. The answer was a resounding 'no.' 

De Haan went on to say, “it’s not going to have an impact on people who fill up with regular gasoline.” De Haan continued, saying, “it’s not a price impact, it is the availability of fuel, where it is available.” There were no trades or open interest in ethanol futures.

On the crude oil front, the market is showing it’s concern about lockdowns in China and the slowing of their economy. As well, there is worry about what impact the world is having with Russian energy bans, as Ukraine hit an oil and gas hub in Russia, thus showing it can take the offensive in this war.

We may have another 'Turnaround Tuesday,' with the API energy stocks and a little less negativity going on in the world. In the overnight electronic session, the June crude oil has recently been trading at around 9721, which is 486 points lower. The trading range has been 10155 to 9570.

On the natural gas front, the market is showing support with cooler-than-normal temperatures in the northern tier of states and 80 degree temperatures in the south. We will be making a shift in temperatures, which will mobilize storms and potential tornado activity from Texas to the Great Lakes.

In the overnight electronic session, the June natural gas has recently been trading at 6.716, which is 0.063 higher. The trading range has been 6.844 to 6.471.