Back from the weekend, traders will be digesting Friday's news that rail service was restored in Canada and the latest comments from Fed Reserve Chairman Powell. The chairman said, "The time has come for policy to adjust," meaning a cut in interest rates is likely at the September Fed meeting. A report on U.S. durable goods orders for July will be out at 7:30 a.m. CDT Monday. USDA's report of weekly export inspections is set for 10 a.m., followed by the weekly Crop Progress report at 3 p.m.
Weather
Heat has filled in to most of the country east of the Rockies and will be sweltering for some areas. It will also fuel potential for severe storms across the northern Corn Belt, particularly in eastern South Dakota into Wisconsin. All hazards are possible with the storms, but wind and hail will be most likely.