At 7:30 a.m. CDT Wednesday, the U.S. Labor Department will release the consumer price index for April, a number that will get a lot of attention regarding the future of interest rates. The U.S. Energy Department's weekly inventory report, including ethanol, will follow at 9:30 a.m. The U.S. Treasury reports on the federal budget for April at 1 p.m. Traders will continue to monitor the latest weather forecasts and any news regarding grain shipments in the Black Sea.
Weather
Waves of showers that have been developing this week continue in the Plains on Wednesday and will spread through more of the region tonight as a weak system in the West approaches. Another batch of showers across the western Gulf of Mexico will move north through the South-Central U.S. throughout the day as well. Other sporadic showers will be possible, but a drier stretch will lead to a nice window for planting before more rain moves through the Midwest later this week and weekend. Mild to warm temperatures continue for most areas.