We start off the day with Chicago Fed National Activity Index ((Jul) at 7:30 A.M., Market Composite PMI Flash (Jul), Market Manufacturing PMI Flash (Aug) and Market Services PMI Flash (Aug) at 8:45 A.M.,

Existing Home Sales MoM (Jul), Existing Home Sales (Jul) at 9:00 A.M., NY Fed Treasury Purchases 7 to 10 yrs. at 9:30 A.M., Export Inspections at 10:00 A.M., 3-Month and 6-Month Bill Auction at 10:30 A.M. and Crop Progress at 3:00 P.M.

On the Corn Front the market has been trading in a chop in the overnight session. The USDA has been tagging along the PROFARMER crop tour and have seen a better crop in parts of Iowa We have Export Intentions and Crop Progress today that could add premium in the market. In the overnight electronic session the December corn is currently trading at 538 ¾ which is 1 ¾ of a cent higher. The trading range has been 542 to 534.

On the Ethanol Front, ethanol advocates are “turning over every stone”  in the fight to end the summertime ban on E15. The groups argue the decision overturning 2019 EPA rule has legal errors. They are also pursuing legislative, regulatory solutions before next summer. There were no trades posted in the overnight electronic session. The September ethanol settled at 2.220 and is currently showing no market and zero open Interest.

On the Crude Oil Front the risk on for the Middle East is a reality that is snowballing out of control every second. The fuse was lit to give terrorists free reign again. Biden’s failure on the world stage has been duly noted by our allies, countries like China and Russia that want the U.S. to lose prestige and the terrorists themselves welcome this move with open arms. We also have an two more disturbances in the Atlantic with one that could threaten the Gulf of Mexico. The second is located more than 700 west of the Cabo Verde Islands. In the overnight electronic session the October crude oil is currently trading at 6436 which is 222 points higher. The trading range has been 6441 to 6174.

On the Natural Gas Front the market continues to roll with the news that this is the energy of the future. Hot weather, exports and hurricane threats are offering support. In the overnight electronic session the September contract is currently trading at 3.0130 which is .062 higher. The trading range has been 3.938 to 3.838.

Have A Great Trading Day!
Dan Flynn