We kickoff the day with PPI and Wholesale Trade at 7:30 A.M., EIA Energy Stocks at 9:30 A.M. and Dairy Product Sales at 2:00 P.M. More tariff talk spooked the markets again. It just seems ridiculous that the overrated fear factor is in place again. The markets will eventually wake up and see this as another buying opportunity and in the long haul benefit the U.S. Agriculture Industry. Hopefully investors will keep their eyes wide open and see free trade is what makes a market and the U.S. Farmer will be able to stay in business and do what they do best. And that is to be the bread basket to the world. On the Corn front this market is feeling the initial pain as other commodity markets are as well. We must remember this is hardline headlines and not reality yet which could be a golden buying opportunity. In the overnight electronic session the September Corn is currently trading at 345 which is 2 ¾ cents lower. The trading range has been 345 ¾ to 343.
On the Ethanol front the August contract is currently trading at 1.413 which is .012 lower. The trading range has been 1.418 to 1.400. 36 trades passed hands and Open Interest has declined to 991 contracts. The market is currently showing 3 bids at 1.409 and 1 offer at 1.415.
On the Crude Oil front news that Libya will be back in business and more winds on the trade war blow pressured the market even after a bullish API Energy Stocks number with Crude showing draws of 6.796 million barrels and Cushing, Oklahoma showing draws of 1.925 million barrels. In the overnight electronic session the August Crude Oil is currently trading at 7325 which is 86 points lower. The trading range has been 7426 to 7315.
On the Natural Gas front the market is coming in higher in the overnight electronic session with the August contract currently trading at 2.813 which is 2 ½ cents higher. The trading range has been 2.815 to 2.780.
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