At 7:30 a.m. CST Wednesday, the U.S. producer price index and retail sales reports for October will be released. At 9:30 a.m., the U.S. Energy Department's weekly inventory report will be out with updated data after last week's absence, due to system upgrades. The National Oilseeds Processors Association will have an estimate of members' soybean crush later Wednesday morning. At 2 p.m., USDA will have new cost of production forecasts for 2023. U.S. President Joe Biden and China's President Xi Jinping are set to meet in San Francisco Wednesday and traders will be keenly watching any trade-related comments.
Weather
A disturbance in the Gulf of Mexico will continue to produce areas of showers in eastern sections on Wednesday. A cold front is also setting up along the Canadian border from Montana to North Dakota that will produce a band of showers there Wednesday night, mostly in the form of snow. Otherwise, the majority of the country will be dry and warm by mid-November standards.