Good Morning!
In the overnight electronic session the December corn is currently trading at 380 which is 2 ¼ cents lower. The trading range has been 381 ¾ to 380 so far. The complex seems to be seeking new lows before the day time session with warm dryer weather forecasted until Friday.
On the Ethanol front there were no trades posted in the overnight electronic session. The market should be trading weaker settling at 1.602 and showing 1 bid @ 1.549 and 1 offer @ 1.607. Quite a wide spread and the offer looks to be very artificial with trade in corn and crude.
On the crude oil front the market is seeing profit taking from Friday’s rally. In the overnight electronic session the December contract is currently trading at 4590 which is 69 points lower at this writing. The trading range has been 4659 to 4556 so far. Positive developments in China’s manufacturing sector could lead to rallies in the metals and other industrial commodities. Further stimulus has added stability to the renminbi and could bolster activity in these commodities.
On the natural gas front unseasonable warm weather in this El Niño pattern has further pressured the market. In the overnight electronic session the December contract is currently trading at 2.239 which is .082 cents lower. The trading range has been 2.278 to 2.232. Weather should push this market even lower in the coming days.
Have a Great Trading Day!