The Bank of Canada is expected to raise its interest rate by a quarter-percent early Wednesday, a prelude to a rate hike, expected from the Federal Reserve on February 1. The U.S. Energy Department's weekly report of energy inventories is set for 9:30 a.m. CST, including ethanol production. Traders continue to keep tabs on the latest weather forecasts and will watch for a possible export sale announcement at 8 a.m.
Weather
A strong storm system that brought widespread precipitation to the Southern Plains on Tuesday continues toward the Northeast on Wednesday. A band of moderate to heavy snow has developed on the north side of the track, along and north of the Ohio River, while a line of showers and thunderstorms will move through the Southeast, some of which may be severe. Winds in the Southeast are fairly strong as well with gusts increasing into the 35-45 mph range in some areas.