Not exactly in order of the headline. This morning's Advance Report on Durable Goods, Consumer Confidence and at 3:30 P.M. API Energy Stocks. Also in today’s mix are earnings and Fed Policy a day ahead of the Interest-Rate decision.
On the corn front farmers are attempting to beat the rains forecasted for today and tomorrow looking to put a close on harvest. Corn seems to be 95% to 98% harvested while soybeans are roughly 90% harvested. In the overnight electronic session the December Corn is currently trading at 383 ½ which is 1 cent lower. The trading range has been 385 to 383 ½ so far.
On the ethanol front there were no trades posted in the overnight electronic session. The November contract settled at 1.601 and is showing 1 bid @ 1.572 and 1 offer @ 1.599.
On the crude oil front tales of demand woes are still showing the effect with the last two week’s reports showing amazing builds. I still think the selling was way overdone in this market. In the overnight electronic session the December contract is currently trading at 4338, which is 60 points lower at this writing. The trading range has been 4391 to 4327 so far. If the weekly inventory numbers are back in line, we have good earnings and the Fed is dovish, we could see another run to the upside in the stock market and commodities could follow suit.
On the natural gas front November Options expire today. After taking a beating early in the overnight electronic session the market is trading at or near the highs with the back months in positive territory. The November contract is currently trading at 2.057 which is .005 of a cent lower. The trading range has been 2.080 to 1.948. Be careful today with option expiration.
Have a Great Trading Day!