Good Morning!
On the overnight electronic session the crude oil is backing off Friday’s gains from the rig count. Once again the market is trading off the wicked tale of demand destruction versus production destruction the rig counts told us on Friday. The November contract is currently trading at 4674, which is 52 points lower. The trading range has been 4749 to 4674 so far. We still have earnings that could shake the bulls and bears and get this market following some other indicator.
On the ethanol front the November contract is currently trading at 1.506, which is down .190 in the overnight electronic session. The trading range has been 1.515 to 1.505 with 8 contracts traded so far.
On the corn front the December contract is currently trading at 373 ¾ which is 3 cents lower in the overnight electronic session. The trading range has been 377 ½ to 373 ½ so far. Corn is feeling the pressure of week China economic data as well even though the weekends could have ignited more bullish sentiment as farmers try to wrap up harvest.
On the natural gas front the November contract is currently trading at 2.464 which is .034 cents higher. The trading range has been 2.477 to 2.445 so far. Follow weather reports to see if we will sustain any type of rally.
Have a Great Trading Day!