In the overnight electronic session the Grains bounced back after getting pummeled after the Crop Production USDA Supply/Demand data. The September Corn is currently trading at 360 ¼ which is 3 cents higher. The trading range has been 360 ¾ to 356 ¼ so far. This market is in profit taking mode after the big headline.
On the Ethanol front the September contract is currently trading at 1.432 which is unchanged in the overnight electronic session. The trading range has been 1.432 to 1.431 so far. The shock and awe of the Grain report filtered into this market as well.
On the Crude Oil front the market is in very choppy waters. The shake and bake of headline after headline is not giving this market a chance to bottom that makes investors changing their minds in a heartbeat. In the overnight electronic session the September contract is currently trading at 4282 which is 48 points lower. The trading range has been 4372 to 4274 so far. I do believe this market is destined to rally $20.
On the Natural Gas front we have the EIA Gas Storage data to be released at 9:30 A.M. and we are looking for a build in the injection number of 55 billion cubic feet. In the overnight electronic session the September contract is currently trading at 2.915 which is .016 of a cent lower. The trading range has been 2.931 to 2.892 so far. I still remain bullish on this market.
Have a Great Trading Day!