Stocks Rolling in the Early Going Again!
The Peoples Bank of China said it would inject $21.80 billion into the financial system in a new easing effort and our Stock Market loves to drink the Kool-Aid as we are concerned about a global calamity in epic proportions.
On the corn front the September contract is currently trading at 367 ¾ which is 2¼ cents higher in the overnight electronic session. The trading range has been 368¼ to 364¼ so far. The market may see some pressure late in the session as we move closer to harvest season and pressure should come into play.
On the Ethanol front there were trades posted in the overnight electronic session. The September contract settled at 1.440 and is showing 2 bids @ 1.422 and 2 offers @ 1.469.
On the crude oil front the October contract is currently trading 3951, which is 20 points higher in the overnight electronic session. The trading range has been 3978 to 3903 so far. This morning's weekly EIA data could put a further bullish spin on this market.
On the natural gas front we are switching to the October contract as the September contract heads into expiration. Concerns about Tropical Storm Erika and warmer temperature from the west moving east should spark a rally in this week. In the overnight electronic session is currently trading at 2.707 which is /012 of a cent lower. The trading range has been 2.717 to 2.684 so far.
Have a Great Trading Day!