No Change In South American Weather. The Corn & Ethanol Report

We kicked off the day with Chicago Fed National Activity Index at 7:30 A.M., Redbook YoY at 7:55 A.M., Existing Home sales, Existing Home Sales MoM at 9:00 A.M., 2-Year FRN Auction and 41-day Bill Auction, 10-Year TIPS Auction at 12:00 P.M., FOMC Minutes at 1:00 P..M., and API Energy Stocks at 3:30 P.M. selective focus photo of plantImage Source: Unsplash
On the Corn Front AG Resource reports, The conference Board, a business membership and research group, released its Leading Economic Index for November. the index is comprised of 10 key variables to measure the US economic health and has historically been a key indicator of US financial recessions. Official financial recessions, as measured by the National Bureau of Economic Research. The year-over-year declines have led to every recession since 1960. The index has now been in negative territory for 16 consecutive months, and excluding the pandemic era, has recently marked the year-over-year declines since 2009. Time will tell but the US wage and labor growth underpin the GDP at 2% growth rate. The shake and bake in the corn market and the Brazilian weather pattern is concerning to farmers and traders alike, Brazil’s projected rainfall will fall short of what is needed to end the drought. Model guidance has been consistent in projected heat and dryness in Central and Northern Brazil. Weekly rainfall of 1-2 inches is needed in C & N Brazil. Unfortunately, the model forecast have been consistent and project the return of heat and dryness in C & N Brazil and more excessive rainfall in the south. Not a nice witches brew. In the overnight electronic session the December corn is currently trading at 474 which is 4 ½ cents higher. The trading range has been 474 ½ to 468.On The Ethanol Front Erin Voegele with Ethanol Producer Magazine reports that Joe Biden signed a stopgap funding bill with a 1-year farm extension Bill. Signing this temporary spending package, averting a government shutdown. The stopgap bill includes a 1-Year extension of the 2018 Farm Bill. The Farm Bill is a package of legislation that is normally passed every five years. It covers a wide range of programs, including crop insurance, nutrition programs, and programs that support bioenergy initatives. The 2018 Farm Bill expired September 30th The extension included in the stopgap funding bill extends through September 30th 2024, providing Congress with approximately 10 months to implement a new Farm Bill. Bureaucrats start your engines. There were no trades or open interest in ethanol futures.More By This Author:Radical Markets Continue. The Corn & Ethanol ReportBrazilian Weather Heighten Traders Fears. The Corn & Ethanol ReportShake & Bake. The Corn & Ethanol Report


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