At 7:30 a.m. CDT Wednesday, the U.S. Labor Department will issue its consumer price index for April and no relief from high prices is expected. At 9:30 a.m., the Energy Department releases its weekly inventory report, including an update on ethanol production. As usual, traders remain focused on the latest weather forecasts and any news regarding Ukraine, but have not seen a daily export sale announced since April 28. The U.S. Treasury reports on the federal budget for April at 1 p.m.
Weather
After a day's break in the North-Central U.S., scattered showers and thunderstorms return to the region on Wednesday, making planting more difficult. A zone of showers and thunderstorms will also develop across the Plains from Nebraska to the southwestern Plains as well, expanding from where they occurred on Tuesday. Severe weather will be a high possibility in both regions, but especially around northwest Iowa and southwest Minnesota this afternoon and early evening. Eastern areas of the country will continue to enjoy good planting weather.