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We Kickoff the day NFIB Business Optimism Index at 5:00 A.M., Redbook YoY at 7:55 A.M., Fed Chair Powell Speech at 8:00 A.M., IBD/TIPP Optimism at 9:00 A.M., Wholesale Inventories MoM at 9:00 A.M., 3-Year Note Auction at 12:00 P.M., and API Energy Stocks at 3:30 P.M.
On the Corn Front futures ended lower in yesterday’s action. Export Inspections at million bushels were below expectations of 20 to 35million and also down 42% from last week. Friday’s CFTC report showed speculators were sizable buyers and money managers added 37,000 contracts extending their positions to 196,457 contracts. Ukraine exports have been 13.3 mt since July. Argentine production forecast remain at 42 mt. Argentina final production at 32 mt down 24% from the January forecast. In the overnight electronic session the March corn is currently trading at 652 which is ¾ of a cent lower. The trading range has been 652 ½ to 649.
On the Ethanol Front RFA support ethanol and RFS but oppose EV mandates. Politics will continue as ethanol producers are losing money as much as $10 million a month. There were no trades in ethanol futures.
Have A Great Trading Day!
Dan Flynn
Questions? Ask Dan Flynn today at 312-264-4374
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Image and article originally from blog.pricegroup.com. Read the original article here.