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We kickoff the day with MBA Mortgage Market Index (11/Nov), MBA Mortgage Refinance Index (11/Nov), MBA Purchase Index (11/Nov), MBA Mortgage Applications (11/Nov), and MBA 30-Year Mortgage Rate (11/Nov) at 6:00 A.M., Retail Sales MoM (Oct), Retail Sales Ex Autos MoM (Oct), Export Sales MoM & YoY (Oct), Import Prices MoM & YoY (Oct), Retail Sales Ex Gas/Autos MoM (Oct), and Retail Sales YoY (Oct) at 7:30 A.M., Industrial Production MoM & YoY (Oct), Manufacturing Production MoM & YoY (Oct), and Capacity Utilization (Oct) at 8:15 A.M., Fed Williams Speech at 8:50 A.M., Business Inventories MoM (Sep), Fed S. Barr Testimony, NAHB Housing Market Index (Nov), and Housing Market Index (Nov), and Retail Inventories Ex Autos MoM (Sep) at 9:00 A.M. EIA Energy Stocks at 9{30 A.M., 17-Week Bill Auction at 10:30 A.M., 20-Year Bond Auction at 12:00 P.M., Fed Waller Speech at 1:35 P.M., Dairy Products Sales at 2:00 P.M., Net Long-term TIC Flows (Sep), Overall Net Capital Flows (Sep), and Foreign Bond Investment at 3:00 P.M.
On The Corn Front we ended up higher in yesterday’s action. The Russian missile attack that hit Poland set the stage and the grain complex trading in fear. The corn market is being pressured on US demand for exports as the dollar is sending exports elsewhere. There are whispers the corridor for Ukraine exports may open again, but is mostly chatter. There is a price war for competitive prices in the import/export markets. In the overnight electronic session the December corn is currently trading at 660 ¾ which is 6 cents lower. The trading range has been 665 ¼ to 660 ¼.
On the Ethanol Front the futures remain dormant. The Renewable Fuels Association (RFA) announced it has joined the Ag Bioeconomy Coalition, a group of leading industry associations committed for developing and expanding the agriculture bioeconomy. The Ag Bioeconomy Coalition was founded earlier in the year to advance federal policy and initiatives to advance federal policies to their product. “With smart policy and targeted investment, the US agriculture and bio=manufacturing sectors to the most pressing challenges, including market volatility, climate change, food security, and under development in rural areas, said RFA President and CEO Geoff Cooper.
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.