Ain’t No Cure for the Summertime Blues
We start off Summer Solstice with Existing Home Sales at 9:00 A.M., EIA Energy Stocks at 9:30 A.M. and Dairy Product Sales at 2:00 P.M.
On the corn front the market is currently trading higher in the early going before sell orders come into play. In the overnight electronic session the July Corn is currently trading at 372 ¼ which is 2 ¼ cents higher. The trading range has been 372 ¼ to 369 ½. Weather this coming week could impact prices; however, any rally is met with aggressive selling squashing higher price levels at the moment.
On the Ethanol front there were no trades posted in the overnight electronic session. The August contract settled at 1.530 and is currently showing 2 bids at 1.506 and 1 offer at 1.519 with growing Open Interest at 981 contracts.
On the Crude Oil front we had a bullish API Energy Stocks data last night with the exception of gasoline stocks. We still can’t see to muster any type of a rally on bullish fundamental news lately. In the overnight electronic session the August Crude Oil is currently trading at 4362 which is 11 tics higher. The trading range has been 4374 to 4303. If this morning’s EIA Energy Stocks has a bullish spin we could see the bears bailing out and change the psychology of the market.
On the Natural Gas front the market may be pricing in forecasts of hot and dry weather blanketing the Western Plains moving further to the Midwest next week which will have air-conditioner use on the rise. In the overnight electronic session the July Natural Gas is currently trading at 2.947 which is 4 cents higher. The trading range has been 2.948 to 2.887.