Socialism Failure Latest Turkey
Good Morning!
The Turkish Lira crashes further into the abyss as President Tayyip Erdogan socialism regime is the latest culprit of killing a robust economy. He ran out of money so now he is taking over the Central Bank. Oh Boy! Is history repeating itself? Must be following Venezuela’s lead. The only smart solution is “Free Markets for Free Men”! Westar off the week with Export Inspections at 10:00 A.M. and Crop Progress at 3:00 P.M. On the Corn front the Grain complex is still reeling from the surprise Crop Production USDA Supply/Demand data on Friday. In the overnight electronic session the September Corn is currently trading at 352 ½ which is 5 ¼ cents lower. The trading range has been 358 to 352 ¼.
On the Ethanol front there was quite a bit of activity in the overnight electronic session with serial months trading from September to December. The September contract is currently trading at 1.333 which is .016 lower. The trading range has been 1.345 to 1.331. 33 contracts changed hands and the market is currently showing 6 bids @ 1.333 and 4 offers @ 1.339 with Open Interest at 1,203 contracts.
On the Crude Oil front were in choppy trade mode mainly due to the latest victim of Socialism that looks to handcuff and destabilize the EU. There are still bullish fundamental factors that should drive prices higher and we may see it when we get the Genscape number. In the overnight electronic session the September Crude Oil is currently trading at 6730 which is 33 points lower. The trading range has been 6795 to 6719.
On the Natural Gas front we still have above average temperatures and the market is trading lower following suit with other commodities. In the overnight electronic session the September Natural Gas is currently trading at 2.924 which is 2 cents lower. The trading range has been 2.944 to 2.897.