USDA's weekly export sales report is due out at 7:30 a.m. CDT Thursday, the same time as weekly jobless claims, and updates of second-quarter U.S. GDP and the U.S. Drought Monitor. The Energy Department's weekly report of natural gas storage is due out at 9:30 a.m., given extra attention by this week's news Russia is cutting gas supplies to Europe. Traders will keep an eye on the latest weather forecasts and any news regarding Ukraine.
Weather
A pair of fronts are combining across the southern Corn Belt on Thursday and producing scattered showers and thunderstorms from Colorado to the Mid-Atlantic throughout the day. Moderate to heavy rain is expected and some areas of flooding will be possible. South of the fronts, temperatures again will be hot in Texas and Oklahoma east to the Mississippi River, though not as extreme as earlier in the week. The Pacific Northwest will be the hottest spot in the country today with temperatures well above normal.