Happy Thanksgiving!
Good Morning!
In the overnight electronic session the December corn is currently trading at 365 ¾, which is 1 ½ of a cent higher. The trading range has been 366 ¼ to 364 so far. The market is trying to build premium as we focus on weather here and in South America.
On the Ethanol front the January contract posted a trade at 1.498, which is .004 of a cent higher. The December contract settled at 1.501 and is showing 1 bid @ 1.490 and 5 offers @ 1.513.
On the crude oil front we are all watching events unfold after Turkey shot down the Russian warplane after repeatedly not adhering warnings to leave Turkish airspace. Traders are concerned with some sort of Russian retribution and whispers are out this morning in holiday markets here in the U.S. that Russia is cutting gas supplies to the Ukraine. If this conflict spreads and escalates we could see prices make a dramatic move to the upside. In the overnight session the January contract is currently trading at 4214, which is 73 points lower at this writing. The trading range has been 4316 to 4202 so far.
On the natural gas front the market is weak trading off the 7-day forecast. In the overnight the January contract is currently trading at 2.299 which is 2 ½ cents lower. The trading range has been 2.328 to 2.271.
Enjoy Turkey Day Tomorrow!
Have a Great Trading Day!