GeoPolitical Concerns Reports & Weather are the Rage
This morning we kickoff the day with Export Sales, Initial Jobless Claims and PPI at 7:30 A.M. EIA Gas Storage at 9:30 A.M., Crop Production USDA Supply/Demand at 11;00 A.M. Tropical Storm Franklin made landfall in the Yucatan Peninsula.Two other Disturbances are lurking one just over the Bahamas which is forecasted to bring heavy rains to the entire state of Florida and another Disturbance being watched in the Atlantic which is a couple hundred miles east-northeast of the Leeward Islands which could affect several commodity prices.
On the corn front there was very quiet trade in the overnight electronic session as investors brace for the Crop Production USDA Supply/Demand data. In the overnight electronic session the September Corn is currently trading at 372 ¼ which is unchanged. The trading range has been 373 to 371. A change in forecasted temperatures and rains is factoring in as well.
On the ethanol front there were no trades posted in the overnight electronic session. The September contract settled at 1.591 and is currently showing 1 bid @ 1.584 and 1 offer @ 1.590 with Open Interest at 831 contracts.
On the crude oil front we have heavy draws, geopolitical risks and Tropical Storms that could disrupt the flow of oil in the Houston Shipping Channel causing larger draws. In the overnight electronic session the September crude oil is currently trading at 5008 which is 53 points higher. The trading range has been 5016 to 4949.
On the natural gas front the active hurricane season also has investors’ attention as well and with exports continuing to grow into 2018. In the overnight electronic session the September contract is currently trading at 2.908 which is 2 ½ cents higher. The trading range has been 2.914 to 2.872.