Jobs Number and Earnings Today
Good Morning!
This morning we have Export sales, Initial Jobless Claims, EIA Gas Storage and also more earnings on track as well. Tomorrow we have the dreaded Unemployment number followed by Consumer Credit in the afternoon.
On the corn front the market is easing off yesterday’s late rally that had the December contract settle unchanged. In the overnight electronic session he December is currently trading at 379, which is 1 ½ of a cent lower. The trading range has been 379 ¾ to 378 ½. With peeking Ethanol supplies and the Government and lobbyist tug of war over the Renewable Fuel Standard (RFS) not to mention shaky exports, which the weekly data will be out shortly, could further pressure this market.
Speaking of Ethanol there were no trades posted in the overnight electronic session. The December contract settled at 1.504 and is currently showing 3 bids @ 1.482 and 4 offers @ 1.526. This market should trade weak today.
On the crude oil December contract is currently trading at 4637 which is 5 points higher in the overnight electronic session. The trading range has been 4665 to 4620 so far. I expect $50 to be tested very shortly with the armed militia taking over eastern export terminal and the four-day Brazilian strike at Petroleo (N:PBR) gathering more steam from the #2 Oil and natural gas producer and threatening to become the most disruptive walkout at the state-run oil company in 20 years.
On the natural gas front we welcome a little spike to the upside with the bullish news from Brazil and a cold front forecasted to snap this evening. In the overnight electronic session the December contract is currently trading at 2.307, which is 4 ½ cents higher. The trading range has been 2.312 to 2.249. If we do not see a cure for low prices we will see a huge production slowdown and some operations ceasing production all together.
Have a Great Trading Day!