Three for Thursday
Good Morning!
It looks to be the third turnaround this week in the early going. At 7:30 A.M we have Export Sales, Housing Starts, Permits and Jobless Claims. And at 9:30 A.M. we have the EIA Gas Storage. On the Corn front the September contract is currently trading at 364 ¾ which is 3 ¼ cents higher. The trading range has been 367 to 360 ½. Weather temperatures are expected to be much cooler next week in the overnight and could be the changing of the guard to more autumn temperatures.
On the Ethanol front in the overnight electronic session the September contract just posted a trade at 1.369, which is .012 higher. 2 contracts traded and the market is currently showing 2 bids @ 1.365 and 1 offer @ 1.369 with Open Interest 1,224.
On the Crude Oil front, the beating the market too yesterday came close the 200-day moving average. Most investors believed the market was way overdone but did not want to stand in front of the BIG MO of a runaway freight train. In the overnight electronic session the September Crude Oil is currently trading at 6519, which is 18 points higher. The trading range has been 6519 to 6443.
On the Natural Gas front we are waiting for the EIA Gas Storage data. In the overnight electronic session the September contract is currently trading at 2.940 which is unchanged. The trading range has been 2.945 to 2.925.
Have a Great Trading Day!