Getting back in action after the holiday weekend we start out with Factory Orders at 9:00 A.M., Cotton System with Fats & Oils at 11:00 A.M., Grain Crushings at 2:00 P.M., Crop Progress at 3:00 P.M. and APIU Energy Stocks at 3:30 P.M. Also tomorrow is Last Trading Day on July ethanol so rollovers should happen today.
On the corn front my travels through Northern Illinois and Southern Wisconsin show me little to excite me about a bumper crop with some of the GMO Corn crop knee high by the 4th of July in which nowadays corn stalks should be at least 6 or 7 feet high in a good growing season. The September Corn settled at 388 ½
On the ethanol front the July contract expires tomorrow and the August contract settled at 1.528 with open i- Crops nterest at 1,129 contracts.
On the crude oil front the August contract is currently trading at 4644 which is 63 points lower. The trading range has been 4732 to 4613. News over the Independence Day weekend was mostly quiet with the exception of the menace in North Korea. The little fat kid is scraping for a fight which he will not win. Now go to your room and think about what you did!
On the natural gas front we may see higher prices as temperatures are rising. The August contract is currently trading at 2.961 which is 1 cent higher. The trading range has been 3.020 to 2.950. I am anticipating a weather rally as we should burn through Natural Gas with air-conditioning usage will be on the rise as long as the heat wave sticks around.