USDA's weekly export sales report is due out at 7:30 a.m. CST Thursday, along with weekly jobless claims, January housing starts and an update of the U.S. Drought Monitor. The Energy Department's report on natural gas storage is due out at 9:30 a.m. The latest weather forecasts and any news regarding Ukraine continue to get traders' attention.
Weather
A strong storm system in the southeastern Plains will move northeast throughout the day on Thursday. Very warm and moist air ahead of the system will feed heavy rainfall rates that could induce flooding near and just north of the Ohio River and colder temperatures will turn the northern edge of that band into a mix of freezing rain, sleet, and snow. To the south of the storm track, conditions will favor potential for severe storms with the greatest threat centered around Mississippi and western Tennessee that includes strong wind gusts and tornadoes.