The U.S. Labor Department will report on producer prices for May at 7:30 a.m. CDT Tuesday, one day before the Federal Reserve is expected to raise the federal funds target by a half-percent or possibly more. Traders will continue to keep close watch on the latest weather forecasts and any news regarding Ukraine with winter wheat harvest season approaching.
Weather
Heat has built in across a large area of the country east of the Rockies, but a cold front that is moving through the Northern Plains will bring temperatures down across northern areas through the week. On Tuesday, that front moves through Nebraska and the Upper Midwest. Thunderstorms have been active since last night across the Dakotas and continue this morning, getting into northwest Minnesota as well. More thunderstorms are expected to develop this evening and overnight along the front in Nebraska, Iowa, and southern Minnesota and could be severe with strong winds and large hail.