Weather remains a likely focus of grain traders, although we can't guarantee they're comprehending what they see. A report on U.S. new home sales in May at 9 a.m. CDT Wednesday will be followed by U.S. Energy Department's weekly energy inventory report at 9:30 a.m. Keep in mind, the report's finding of ethanol production is for last week, before widespread flooding erupted in the northwestern Corn Belt.
Weather
Clusters of showers and thunderstorms that developed on Tuesday continue across the Ozarks into the northern Delta early Wednesday. The storms developed on a cold front that continues to sag southward and will be located from Oklahoma up through the Northeast by Wednesday afternoon, when additional showers and thunderstorms should fire up, some of which may be severe again. The next system moving into the Pacific Northwest should fire up some showers and thunderstorms in the High Plains Wednesday afternoon as well.