We start off the day with Markit Manufacturing  PMI Final (Jul) at 8:45 A.M., Construction Spending MoM (Jun), ISM Manufacturing Index PMI Final (Jul), ISM Manufacturing Prices, New Orders and Employment (Jul) at 9:00 A.M., Export Inspections at 10:00 A.M.., NY Fed Treasury Purchases TIPS 7.5 to 30 yrs. At 10:20 A.M., 3-Month and 6-Month Bill Auction at 10:30 A.M., Cotton System, Fats & Oils and Grain Crushings at 2:00 P.M., Crop Progress at 3:00 P.M., and Total Vehicle Sales (Jul) at 7:00 P.M.

On the Corn Front the market has been trading quieter. Speculators and traders are now looking ahead of the August 12th USDA corn and soybean yields forecast. This could be a game changer in the grain complex and have the funds come back to the dance floor.  Most traders expect yields to be lower than previously forecasted.  Funds started to get long very lightly. In the overnight electronic session the December corn is currently trading at 544 which is 1 ¼ of a cent lower. The trading range has been 548 ½ to 540.

On the Ethanol Front the market is quiet. It seems the market is waiting to see if the two new bills lawmakers are proposing about using E15 year round will gather any traction. The votes may not be there and the ethanol industry is expected to strive and make this happen. The next corn usage for ethanol is August 12th. There were no trades posted in the overnight electronic session. The August contract settled at 2.220 and currently showing no market and zero Open Interest. We will move to September tomorrow.

On the Crude Oil Front the market sold off with worries over China’s economy and higher crude output. An oil tanker was attacked off the Coast of Oman in the Arabian Sea. The U.K. and Israel are pointing the finger at Iran. Tehran has denied being involved in the fata attack with drones. Just seems the response it that move was quite muted and the market is concerned with fears of demand being squashed by either the variant of the coronavirus and over production may squeeze demand lower. In the overnight electronic session the September crude oil is currently trading at 7310 which is 85 points lower.  The trading range has been 7395 to 7261.

On the Natural Gas Front were near $4 as the heat returns to the forecasts. Towns that have a ban on natural gas are now under fire as they push for all-electric homes. Brookline, Ma. was the first town outside California that has attempted to limit gas use in new buildings. And consider the source, following California on energy use is a track record I would not follow suit. This battle is far from over. In the overnight electronic session the September natural gas is currently trading at 3.988 which is .074 higher. The trading range has been 4.021 to 3.955.

Have A Great Trading Day
Dan Flynn