The U.S. index of personal consumption expenditures, an inflation gauge for June, is due out at 7:30 a.m. CDT Friday, the same time as U.S. personal incomes and consumer spending for June and the Labor Department's employment cost index for the second quarter. The University of Michigan's final index of consumer sentiment for July follows at 9 a.m. For grain traders, weather and events in Ukraine remain high on the list of interest.
Weather
Heat continues to envelop most of the U.S. on Friday, stressing areas with inadequate moisture. But the northern edge of the heat continues to be a good place to produce showers and thunderstorms. That is especially true with a cold front across the Northern Plains and Upper Midwest slowly sagging southward. Strong to severe thunderstorms are expected this afternoon and evening in and around Iowa and extending east through the southern Great Lakes in a couple of waves. Any rainfall will be welcome to limit the effects of the heat during a critical time for corn and soybean development.