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We kickoff the day with LMI Logistics Managers Index Current at 3:50 A.M., MBA 30-Year Mortgage Rate, MBA Mortgage Market Index, MBA Mortgage Refinance Index, MBA Purchase Index and MBA Mortgage Applications at 5:00 A.M., Redbook YoY at 7:55 A.M., JOLTS Job Openings, ISM Manufacturing PMI, ISM Manufacturing Employment, ISM Manufacturing New Orders, ISM Manufacturing Prices, and JOLTS Job Quits at 9:00 A.M., 17-WeekBill Auction at 10:30 A.M., FOMC Minutes at 1:00 P.M., and API Energy Stocks at 3:30 P.M.
On the Corn Front grain prices are expected to have a choppy 2023. The war in the Ukraine continues to inject volatility in grain futures. That coupled with high energy prices, high fertilizer costs and the state of the economy as a whole with logistics making this crisis rougher. Farmers are warning of food shortages this summer. We also have to see if funds remain bullish as we monitor the Feds activity with Fed Minutes are going to be released later today. In the overnight electronic session the March corn is currently trading at 667 ¼ which is 3 1/3 cents lower. The trading range has been 671 ¾ to 666 ¼.
On the Ethanol Front the EPA opens a comment period on draft RFS report. The 60-day public comment period will be open Through March 6th 2023. While the government of Brazil announced it would extend its suspension of the import tariff on ethanol at least until the end of the month. Brazil in March 2022 announced it would waive the import tariff through the end of 2022 to alleviate inflationary pressures resulting the pandemic, which were further aggravated by Russia’s invasion of Ukraine. The tariff was previously set at 18%. “We are pleased the Brazilian government has extended the suspension of its import tariff on ethanol,” said Geoff Cooper, president and CEO of the RFA. He continued this is a positive step toward a permanent resolution and sending a favorable signal to the marketplace. 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.