Photo by Demian Tejeda-Benitez on UnsplashWe kickoff the day with Core PCE Prices MoM & YoY, Personal Income MoM, Personal Spending, and PCE Price Index MoM & YoY at 7:30 A.M., Fed Barr Speech at 8:00 A.M., Michigan Consumer Sentiment Final, Michigan 5-Year Inflation Expectations Final, Michigan Consumer Expectations Final, Michigan Current Conditions Final, and Michigan Inflation Expectations Final at 9:00 A.M., and Baker Hughes Oil & Total Rig Count at 12:00 P.M.Pending Home Sales Index in August fell to match a pandemic low at 71.8 but managed a fractional tick higher in September. The index rose 1.1% from August but was still 11% below last year and the 18^th straight month of double-digit declines. This aligns with the Mortgage Banker Association’s Mortgage Demand Index, which averaged 25% below a year ago in September and fell to the lowest level since 1995 last week. The average 30-Year Mortgage Rate was at a 23-year high of 7.(% compared to 3.3% two years ago. Per every $100,000 borrowed on a 30-Year Mortgage, the payment increased by an average of $290 per month in the last 2 years. Moving on to the Corn Front futures ended up higher in yesterdays action. Uncertainty over future Ukranian shipment lent support. Weaker crude, equities and lingering concern over US/global consumer spending inQ4 provided weight. Corn’s lacked a trend since early harvest and the AG Resources bet is that choppy, directionless trade continues for another few weeks. I tend to agree, but we have to be aware of 1 or 2 headlines that could change the whole trading spectrum in a heartbeat. The next tradable story emerges in the form of late autumn/ early winter South American weather-and principally whether additional rain breaks Argentine drought prior to December and whether first-crop corn in Southern Brazil gets a break of excessive flooding rainfall. US export sales in the week ending Oct 19^th totaled 53 Mil Bu, a 4-week high and well above the pace needed  to hit USDA’s annual target. Cumulative export commitments totaled 690 Mil Bu, up 24% year-over-year and rather normal 24% of USDA’s forecast. Export demand is viewed as in late-spring/summer will be determiner of final US exports and end stocks. The importance of South American weather between November and April can’t be overstated. Brazil’s abnormal climate pattern is unlikely to change in the next 10-days. In the overnight electronic session the December corn is currently trading at 481 ½ which is 2 ¼ cents lower. The trading range has been 484 to 478 ¼.On the Ethanol Front Valero Energy Corp. released 3^rdquarter financial results yesterday, reporting significant higher earnings and production volume for it ethanol segment. Renewable diesel sales volumes were also up and the company’s sustainable aviation fuel (SAF) project remains on schedule. Valero’s renewable diesel segment, which consists of it’s Diamond Green Diesel joint venture with Darling Ingredients, reported $123 million of operating income for the 3^rd quarter, down from $212 million during the same period last year. Valero primarily attributed the decline in operating income to lower renewable diesel margins. Full story in Ethanol Producer Magazine. The ethanol market is moving, unfortunately, ethanol futures remain in drydock with zero volume and open interest.More By This Author:The Futures Markets Are Telling Us Something – The Corn & Ethanol ReportCalm Before The Storm – The Corn & Ethanol ReportMarkets Trading Fear, Greed & Technical Damage – The Corn & Ethanol Report