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3 Big Things Today, July 5
1. Markets to Open at 8:30 a.m. After Holiday
The Chicago Board of Trade was closed overnight after the Independence Day holiday.
Trading will resume at 8:30 a.m. in Chicago.
2. Ethanol Production Rises First Time in Three Weeks, Stockpiles Also Increase
Ethanol production rose for the first time in three weeks while stockpiles of the biofuel also gained, according to the Energy Information Administration.
Output increased to an average of 1.081 million barrels a day in the week that ended on June 28, the EIA said in a report. That’s up from 1.072 million barrels a day, on average, the previous week.
Midwest production rose to an average of 1.003 million barrels a day from 994,000 barrels, the government said.
Rocky Mountain output was up to 13,000 barrels a day from 11,000 barrels a week earlier, and West Coast production increased to 18,000 barrels a day from 17,000.
Gulf Coast producers reduced output to 20,000 barrels a day, on average, from 24,000 the previous week, and East Coast production was unchanged at 27,000 barrels a day.
Ethanol stockpiles rose for the first time since mid-May, increasing to 22.844 million barrels last week, the EIA said in its report. That’s up from 21.567 million barrels seven days earlier.
In other news, the USDA will release its weekly export sales report this morning, a day late due to Independence Day.
Analysts pegged corn sales from 200,000 to 700,000 metric tons, soybean sales from 600,000 to 1.2 million tons, and wheat sales from 250,000 to 550,000 tons, according to researcher Allendale.
3. Flash Flood Warning in Effect in Western Missouri After Up To 6 Inches of Rain Falls
A flash flood warning is in effect this morning for counties in western Missouri after as much as 6 inches of rain fell overnight, according to the National Weather Service.
Showers will continue to push south across Missouri today with lightning, wind gusts up to 40 mph, and localized flooding to continue, the NWS said in a report early this morning. Storms are expected through the night.
It’s not just going to be rainy, but also hot as temperatures reach the mid-90s in some parts of western Missouri and southeastern Kansas, the agency said.
In the southern Plains where farmers are trying to get their hard-red winter wheat out of the field, severe thunderstorms are expected this afternoon and evening.
Golf ball-size hail and damaging winds exceeding 60 mph are possible and “an isolated tornado cannot be ruled out,” the NWS said.