On Wednesday, the Energy Information Administration will release the weekly Petroleum Status report at 9:30 a.m. CDT, including last week's ethanol production. Otherwise, the June Federal Reserve meeting minutes will be released at 1 p.m. CDT, offering further insight into the decision to hold rates steady last month. Finally, with hostilities increasing in the Strait of Hormuz once again, traders will be closely monitoring the situation in the Middle East, with the U.S. revoking the June waiver on Iranian oil sanctions and launching strikes on Tuesday in response to Iranian attacks on oil tankers in the Strait.
Weather
A diffuse system continues to produce isolated to scattered showers in the southeastern quadrant of the country on Wednesday. Some pockets of heavy rain will be possible, but the primary action comes from a front that is slowly moving through the country this week. For Wednesday, we should see thunderstorms developing from the Nebraska-Kansas border area into Wisconsin. Some of those storms could be severe.