The U.S. Commerce Department will update its estimate of U.S. GDP for the fourth quarter of 2021 at 7:30 a.m. CDT. At 9:30 a.m., the U.S. Energy Department will release its weekly inventory report, including ethanol production. At 2 p.m., USDA quarterly Hogs and Pigs report will be issued. Traders will continue to monitor the latest weather forecasts and watch for any news pertaining to Ukraine.
Weather
A line of thunderstorms developed Tuesday evening across Texas and Oklahoma. The line will continue to move eastward Wednesday, likely strengthening and causing severe wind gusts and embedded tornadoes as it treks eastward. Outside of this thunderstorm risk, background winds will be strong across the South and Plains while a mix of ice and snow falls across the northern Midwest.