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We kickoff the day with Core PPI MoM & YoY (Nov), PPI YoY (Nov) and Wholesale Trade at 7:30 A.M., Michigan 5-Year Inflation Expectations Prel Final (Dec), Michigan Consumer Sentiment Prel (Dec), Michigan Consumer Expectations Prel (Dec), Michigan Current Conditions Prel (Dec), and Michigan Inflation Expectations Prel (Dec) at 9:00 A.M., Fed Quarterly Financial Accounts, Crop Production USDA Supply/Demand and WASDE at 11:00 A.M., and Baker Hughes Oil & Total Rig Count at 12:00 P.M.
On the Corn Front the Corn Lobby was dealt a massive blow by Democratic downgrade of the Iowa Caucus. In other news the “edge-effect,”- unexplained yield losses in outer corn rows that disappear in the interior rows are coming into focus, thanks to work by Iowa State University Extension field agronomist, according to Rhonda Brooks with AGWEB. Their work suggests edge effect is likely caused by a combination of corn microclimate and adverse weather patterns, especially hot, dry, windy conditions according to Mark Licht ISU Extension cropping systems specialist. Under these conditions, air passing over mixing into the corn canapy is initially drier to fields edge, causing corn respiration in outer rows of fields to be higher. Over time that can lead to elevated drought stress along the field edges. In the overnight electronic session the December corn is currently trading at 636 ¾ which is 4 ¾ cents higher. The Trading range has been 636 ¾ to 631 ½.
On the Ethanol Front Reps Angie Craig, D-Mn, and Adrian Smith R-Ne, on December 7th introduced the Consumer and Fuel Retailer Choice Act of 2022. The bill aims to allow year-round sale of E15 nationwide. Legislation is pending in the US Senate. 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.