At 7:30 a.m. CDT Wednesday, the U.S. Commerce Department will release its report on durable goods orders for June, expected to show a decline on the month. An index of pending U.S. home sales is due out at 9 a.m., followed by the Energy Department's weekly inventory report at 9:30 a.m., including ethanol production. At 1 p.m., the long-awaited announcement from the Federal Reserve will be out with many anticipating a 0.75% hike in the federal funds target rate.
Weather
A stalled front across the southern Midwest has been active over the last few days, bringing heavy rain and some flooding. This front stays active Wednesday and another front moving through the Midwest will start to combine with the western end of the front in the Central Plains later Wednesday. Widespread scattered showers and thunderstorms are expected near the southern front, with more isolated showers for the northern Midwest. Cooler temperatures are found north of the front but the heat continues across the Southern Plains and Delta. Heat is also present in the Pacific Northwest for the next several days, stressing spring wheat.