Good Morning!
We start of this morning with Export Sales, Initial Jobless Claims and Personal Income at 7:30 A.M., Chicago PMI at 9:00 A.M. and API Gas Storage at 9:30 A.M. Reuters reports of Corn deliveries are status quo with no surprise to spur a rally. Julie Ingerson with Thomson Reuters reported, after the second largest Corn harvest on record and weak cash values will hinder any deliveries versus the December contract. In the overnight electronic session the December Corn is currently trading at 355 ¼, which is 1 ¾ of a cent higher. The trading range has been 356 to 352.
On the Ethanol front the January contract is currently trading at 1.363, which is .006 of a cent higher. The trading range has been 1.365 to 1.357 and is currently showing 1 bid @ 1.361 and 1 offer @ 1.366 with 6 contracts traded and Open Interest at 1,254 contracts.
On the Crude Oil front the market is bouncing back before the official OPEC announcement that was called 3 days ago regardless of what Goldman Sachs (NYSE:GS) spewed yesterday with fake news. We should see this OPEC agreement to further tight supplies and large demand that will give a continuation rally that we have not seen in a while with healthy economies ready to spend more money which will only make a demand that will keep these economies prospering. In the overnight electronic session the January Crude Oil is currently trading at 5767, which is 37 points higher. The trading range has been 5797 to 5726.
On the Natural Gas front we have the weekly EIA Gas Storage data, which the Thomson Reuters poll with 22 analysts participating expect draws anywhere from 54 bcf to 28 bcf. This would be the smallest draw since 2013 and compares to the 1 year draw of 43 bcf and the five-year average of 47 bcf. In the overnight electronic session the January contract is currently trading at 3.069 which is 10 cents lower. The trading range has been 3.194 to3.060.
Have a Great Trading Day!