We kicked off the day with Fed Bowman Speech at 8:00 A.M., Michigan Consumer Sentiment Prel, Fed Kashkari Speech, Michigan 5-Year Inflation Expectations Prel, Michigan Consumer Expectations Prel, Michigan Current Conditions, and Michigan Inflation Expectations at 9:00 A.M., May Crop Production, USDA Supply/Demand, and WASDE at 11:00 A.M., Fed Goolsbee Speech at 11:45 A.M., Baker Hughes Oil & Total Rig Count at 12:00 P.M., Fed Barr Speech at 12:30 P.M., and Monthly Budget Statement at 1:00 P.M.
Photo by on Grains coming higher following wheats lead. Do not get comfortable with an overdue rally heading in today’s action with data streaming. The wheat rally was based on Russian concerns over frost damage. Another day of cold morning frost is forecast across NW Russia before moderation develops. It will take several weeks to determine cold damage to winter wheat, with farmers having the option to reseed wheat should yield losses surpass 20%. The strength in wheat helped rally the grain complex. Do not fall into the trap… Especially if you are a speculator. The street is looking for a bearish report for corn and soybeans. Ther are certain times you have to wonder, “Is this too good to be true”. Beware Speculators! The May WASDE should shed further light of global crop shortcomings and potential output. We also have the Commitment of Traders data after the report and close of today’s action. The street expects a bearish number on May Grains data. While I am a minority, we expect a bullish spin on today’s data.The May Crop Reports are critical and a key for corn & soybeans which WASDE will report. Remember Brazil’s CONAB reports next Tuesday. With all the trade indifference the economy comes to roost, The May WASDE with Black Sea and South American yield at question, will set the tone for the US growing season.Buckle Up Your Chinstrap & Free Markets For Free Men!More By This Author:May WASDE Eve. The Corn & Ethanol Report Turnaround Tuesday On Monday – The Corn & Ethanol Report U.S. Plantings & Weather Key. The Corn & Ethanol Report
