Reports on U.S. retail sales in May and the May producer price index are due out at 7:30 a.m. CDT Tuesday, followed by a report on May industrial production from the Federal Reserve at 8:15 a.m. Traders are staying close to the latest weather forecasts and USDA has not had a daily export sale announcement since May 27. Any news pertaining to U.S. biofuel policy will also get a lot of market attention.
Weather
Hot and dry conditions continue for a majority of the country on Tuesday. Some isolated showers will be possible in the Plains and temperatures will be closer to normal across eastern areas. Conditions favor continued winter wheat harvest but the drought continues to worsen for developing row crops across the north.