Stops were hit and the markets rebounded after the dust settled. We see a game changer after trading all the headlines or fake news. You make the call. Today we have the API Energy stocks at 3:30 P.M. On the Corn front we had the USDA report on Friday seems to contradict yesterday’s Crop Progress report. Friday’s data reporting a bumper crop and yesterday’s data seemed to have put a temporary bottom. In the overnight electronic session the September Corn is currently trading at 358 ¼ which is 1 ¾ of a cent higher. The trading range has been 359 to 356 ½.
On the Ethanol front the September contract is currently trading at 1.355 which is .002 higher. The trading range has been 1.360 to 1.355. 7 contracts traded and the market is currently showing 1 bid @ 1.356 and 3 offers @ 1.360 with Open Interest at 1,193 contracts.
On the Crude Oil front the market once again had a better comeback than Lazarus after taking a beating on Monday. The market is rolling this morning with the September contract currently trading at 6831 which is 111 points higher. The trading range has been 6835 to 6735. The basic fundamentals in this market speaks for itself.
On the Natural Gas front the market is trading higher in the overnight electronic session currently trading at 2.950 which is 2 cents higher. The trading range has been 2.959 to 2.922. Exports are driving this market at the moment, but we cannot be blind to the discrepancy between the cash and futures prices.
Have a Great Trading Day!