There are very few reports on the U.S. government docket, but Tuesday will feature the S & P Case-Shiller home price index. We will be watching for any new sales announcements on Tuesday, and the updated South American weather forecast. Later Monday the CFTC will be out with their COT report and it will be interesting to see the fund positions.
Weather
A storm system is moving out of the Plains and through the Midwest on Tuesday. More widespread moderate precipitation is falling with this system than the one that moved through Sunday into Monday with snowfall impacts to more of the Midwest as well. Some light snowfall is moving through the Northern Plains, where temperatures have fallen and should remain well below normal. The southwestern Plains continue to get missed as drought builds throughout the region. Temperatures will remain tight across the middle of the country with a sharp gradient from cold in the northwest to warm in the southeast.