The U.S. Labor Department will release its May report of producer prices at 7:30 a.m. CDT Wednesday, followed by weekly energy inventories at 9:30 a.m. from the Energy Department. Many will tune in at 1 p.m. to see if the Federal Reserve raises the federal funds rate target or not, followed by a press conference for Fed Chairman Jerome Powell. The Environmental Protection Agency was supposed to announce final renewable volume obligations for biofuels Wednesday, but postponed the deadline one week to June 21. Weather remains the main attraction for grain traders.
Weather
A disturbance moving along an old frontal boundary will continue to create widespread areas of showers and thunderstorms from the southeastern Plains through the Southeast on Wednesday. Conditions favor some strong thunderstorms with potential for significant severe weather. All hazards are possible out of these storms. Meanwhile, another system is moving into the Canadian Prairies with promises for heavier rain in dry parts of Alberta. The front to that system will move into Montana with scattered showers later in the day.