The Futures Markets Are Telling Us Something – The Corn & Ethanol Report

Photo by Jesse Gardner on UnsplashWe kickoff the day with Durable Goods EX Transportation MoM, GDP Price Index QoQ Adv, Goods Trade Balance Adv, Initial Jobless Claims, Retail Inventories Ex Autos MoM Adv, Wholesale Inventories MoM Adv, Continuing Jobless Claims, Core PCE Prices QoQ Adv, Durable Goods ex Defense MoM, GDP Sales QoQ Adv, Jobless Claims 4-Week Average, Non Defense Goods Orders Ex Air, PCE Prices QoQ Adv, and  Real Consumer Spending QoQ Adv at 7:30 A.M., Fed Waller speech and Pending Home Sales MoM & YoY at 9:00 A.M., EIA Natural Gas Storage at 9:30 A.M., Kansas Fed Composite Index and Kansas Fed Manufacturing Index at 10:00 A.M., 4-Week & 8-Week Bill Auction at 10:30 A.M., 15-Year & 30-Year Mortgage Rate at 11:00 A.M., and 7-Year Note Auction at 12:00 P.M.On the Corn Front we are looking at exports and weather now that we are realizing yields. Global weather is in play, however, the Ukraine closed the Corridor on Russian Warplane threat. The Russian ruble continues to rally 93.9:1 USD. The ruble rally is causing interior wheat prices to rise which is trimming profits to Russia’s exporters. The futures markets are absorbing the risk, trading risk on/risk off and afraid the next headline is yesterday’s or last weeks headline. We will price in fear of energy and food prices ahead, with the markets not dictating this, but pricing in the choppy waters ahead. As we head closer to the weekend follow reliable news sources, and remember the Fed meets next week, whether to raise interest rates or not. In the overnight electronic session the December corn is currently trading at 481 which is 1 cent higher. The trading range has been 482 ¾ to 477 ½.More By This Author:Calm Before The Storm – The Corn & Ethanol ReportMarkets Trading Fear, Greed & Technical Damage – The Corn & Ethanol ReportEnergy & Food + Winter – The Corn & Ethanol Report