At 9:30 a.m. CST Wednesday, the U.S. Energy Department will release its weekly report of energy inventories, including ethanol productions. At 1 p.m., the Federal Reserve will conclude its two-day meeting and is expected to increase the federal funds target by a half-percent. Traders will be watching for any comments from the Fed, the latest weather forecasts and for any sign of export sales.
Weather
In the midst of a strong storm system, continued heavy snow and blizzard conditions are occurring over the Northern Plains while a band of precipitation arcs through the Midwest and down into the Lower Mississippi Valley. Additional precipitation is forming over eastern Texas as another low pressure center develops on a strong cold front near the Mississippi River later today. That low will move northeast and through the Midwest with additional precipitation and risks for severe weather across the Gulf Coast.