Good Morning!
Earnings and a lineup of reports starting with Existing Home Sales at 9:00 A.M., Cold Storage at 2:00 P.M. and API Energy Stocks at 3:30 P.M. In the overnight electronic session the December Corn is currently trading at 347 ¾, which is 2 cents lower. The trading range has been 350 ¼ to 347 ¼. The market has been rallying in a seasonal pattern for this time of year heading into Thanksgiving. Investors will monitor exports and weather in Brazil.
On the Ethanol front the market showed activity in the overnight electronic session on the heels the market is buying into an OPEC production cut. The December contract is currently trading at 1.611 which is 1 cent higher. The trading range has been 1.613 to 1.611 while the January contract is last at 1.539, which is .007 of a cent higher. The trading range has been 1.554 to 1.538.
On the Crude Oil front the market sold off hard from trading sharply higher in the overnight electronic session. I have not seen any headline that prompted the break this morning. In the overnight electronic session the January Crude Oil is currently trading 4789, which is 35 points lower. The trading range has been 4920 to 4782 so far. This could be profit taking or weak long jitters that entered the market late in the rally.
On the Natural Gas front the market is trading in a chop as well. Weather is the primary reason the market is rallying as supplies were at near or full capacity. Tomorrow the weekly EIA Gas Storage will be pushed up a day due to the Thanksgiving holiday. In the overnight electronic session the December contract is currently trading at 295 which is unchanged. The trading range has been 2.996 to 2.913.
Have a Great Trading Day!