As we head into expiration on October crude oil, the market is coming alive after Janet Yellin's Debbie Downer speech on the global economy. In the overnight electronic session the November crude oil is currently trading at 4614, which is 112 points higher at this writing. The trading range has been 4620 to 4503 so far. The market got liftoff even in shoulder season after the Fed's words that may the market overreact from Thursday on.
On the corn front the December contract is currently trading at 375 ½, which is 1 ¾ cents lower in the overnight electronic session. The trading range has been 376 ½ to 375 ¼ so far. We could see a harvest rally as corn prices may spike in sympathy of investors' concern of soybean yields, which could drive this market higher unseasonably.
On the Ethanol front there were no trades posted in the overnight electronic session. The October contract settled at 1.537 and is showing 4 bids @ 1.536 and 1 offer @ 1.573.
On the natural gas front we our currently trading at 2.565which is 4 cents lower. The trading range has been 2.585 to 2.562 so far. We need an El Nino weather market to get a spike in this market for now.
Have a Great Trading Day!