On Wednesday, the Energy Information Administration will be out at 9:30 a.m. CDT with the weekly Petroleum Status report, including last week's ethanol production and stocks. At 11 a.m. CDT, the June NOPA crush report will be out, an early indication of national soybean crush volume in June. Otherwise, traders will remain focused on the hot and dry weather across the U.S. Grain Belt this week, as well as geopolitical issues -- notably the ongoing wars in the Persian Gulf and Black Sea.
Weather
The heatwave across the northern tier continues on Wednesday, though there are some milder temperatures right along the Canadian border. Southern showers also continue Wednesday with some pockets of heavy rain being possible again, especially in Texas where flooding may occur.