Asian Markets Roll!
Asian markets soared, led by the Nikkei which was up 7% and spilled into our stock market. Today's report is the weekly API Energy Stocks that was delayed one day due to the Labor Day holiday.
In the overnight electronic session, September corn is currently trading at 356 which is one cent higher at this writing. The trading range has been 356 to 353¼ so far and the grain complex is trading on or near the highs in the early going. A cooler change in the weather could build premium in the markets even in the harvest season.
On the ethanol front, the October contract is currently trading at 1.472 which is .007 cents higher in the overnight electronic session. The trading range has been 1.472 to 1.471 so far.
On the crude oil front, a higher dollar is trumping a higher stock market as the crude futures trading south with the October contract currently trading at 4526 which is 68 points lower in the overnight electronic session. The trading range has been 4626 to 4513 so far. If we stay above $45 a barrel, I technically will keep my bull horns on.
On the natural gas front, the market is pricing in a change in the weather pattern. In the overnight electronic session the October contract is currently trading at 2.684, which is .026 cents lower. The trading range has been 2.707 to 2.682 so far. We may see further sell-offs as the cooler night time lows inch forward.