Good Morning!
In the overnight electronic session the December corn is currently trading at 376, which is ¾ of a cent lower. The trading range has been 379 to 375 ¾ so far. Talk of better than expected yields as farmers rush to beat wet and cooler temperatures on the horizon to harvest as much crop as possible.
On the Ethanol front there were no trades posted in the overnight electronic session. The November contract settled at 1.539 and is currently showing 2 bids @ 1.535 and 1 offer @ 1.549 here in the early going.
On the crude oil front the weekly API Energy Stocks showed builds of 7.1 million barrels while Cushing< Oklahoma stocks only rose 22 thousand barrels and a drop in Distillates of 2.2 million barrels. Today we have to add into the brew that OPEC members and non-members such as Russia and Mexico will meet today to discuss production cutbacks. I expect to really see no movement on either side as a result of this meeting. At 9:30 we saw the weekly EIA Energy Stocks as well. In the overnight electronic session the December crude oil is currently trading at 4541, which is 88 points lower in the overnight electronic session. The trading range has been 4608 to 4532 so far. It could be a wild ride today.
On the natural gas front the November contract is currently trading at 2.427 which is .049 cents lower in the overnight electronic session. The trading range has been 2.493 to 2.413 so far. Only other news to add at this time is the EIA Gas Storage number to be released tomorrow that could give a spark to this market in shoulder season.