More Earnings and Reports Today
Good Morning!
We are getting bank earnings this morning and at 7:30 A.M. we have Business Inventories, PPI and Retail Sales. And at 3:30 P.M. we have the weekly API Energy Stocks.
In the overnight electronic session the December corn is currently trading at 383 ½, which is 1 cent lower. The trading range has been 384 ½ to 382 so far. The Grains continue to follow the strength in the Soybean Oil’s lead and although the market is currently trading on the highs the foot seems to be lightening off the accelerator at the moment taking a slight breather.
On the Ethanol front there were no trades posted in the overnight electronic session. The November contract settled at 1.540 and is currently showing 1 bid @ 1.533 and 1 offer @ 1.543.
On the crude oil front later today we have the weekly API Energy Stocks and the market seems to be going back and forth with oversupply concerns versus production cuts and producers not even running at half-speed. If demand does pick up it could create another super cycle run to the upside. In the overnight electronic session the November Crude Oil is currently trading at 4675 which is 9 points higher. The trading range has been 4696 to 4634. Expect a volatile trading session today.
On the natural gas front the November contract is currently trading at 2.487 which is .011 of a cent lower in the overnight electronic session. The trading range has been 2.504 to 2.472 so far. Weather changes and tomorrows EIA Gas Storage may light a fire in this otherwise dull market of late in shoulder season.
Have a Great Trading Day!