On the corn front, after a relatively cool and wet planting season, temperatures turned much hotter in mid-June across the Corn Belt with record high temperatures. According to WeatherTtrends360`, the second Full week of the week ending June 18 was the second and ninth driest in 30+ years for the Corn Belt. Since the season is still early, the burst of hot weather didn’t overly concern initially. However, if the pattern continues, complications for the corn crop may begin to unfold very quickly. In the overnight electronic session, the July corn is currently trading at 769, which is 15 ½ cents lower. The trading range has been 778 ¼ to 763 ¼
On the ethanol front, Biden dismissed the idea ethanol could help slash gas prices as the administration struggles with rising costs. The president also wondered what the purpose of the Menlo, Iowa event was, according to the outlet, as he stood in front of a tractor to announce the authorization of the E15 gasoline in an effort to increase the blend and bring down prices. “It’s not going g solve all of our problems,
Biden said in April in Iowa:
“It’s going to help some people, and I’m committed to doing whatever I can help, even if it’s an extra buck or two. in the pockets when they fill up or make a difference in peoples lives.”
There were no trades or open interest in ethanol futures.
Today is the last trading day in July futures on the crude oil front. The crude and products are showing no signs of relief as we have a runaway bull market. API’s will be tomorrow as the Monday holiday. We still have a bad energy policy that seems to be running in circles with no end in sight when the cure of inflated prices across the board. In the overnight electronic session, the August crude oil is currently trading at 11027, which is 228 points higher. The trading range has been 11080 to 10682.
On the natural gas front, the forecast of temperatures moderating is forcing the selloff. In the overnight electronic session, the July natural gas is currently trading at 6.737, which is 0.207 lower. The trading range has been 6.845 to 6.554.