Good Morning!
The farmer’s aid package in rough math has the bulk of 3.6 billion to soybean farmers. The aid package originally announced in July, also includes payments for Sorghum of 86 cents per bushel, 1 cent per bushel for Corn, 14 cents per bushel for Wheat and 6 cents per pound of Cotton. This was reported by Reuters who also released the USDA Crop Progress, which showed the Corn was good-to-excellent, which was unchanged from last week. In the overnight electronic session the September Corn is currently trading at 347 ¼, which is a ½ of a cent higher. The trading range has been 347 ¾ to 3450. First Notice Day on September Grains is Friday the 31st so it would be best to get out sooner rather than later and definitely the latest Thursday October 30th.
On the Ethanol front were moving to the October contract with climbing Open Interest at 1,360 contracts versus the September Open Interest at 566. 1 contact traded in the October in the overnight at 1.314 which is .010 higher. The market is currently showing 1 bid @ 1.304 and 2 offers @ 1.317.
On the Crude Oil front we have the weekly API data released at 3:30 P.M. There were calls for bearish data yesterday which changed to a bullish spin in the overnight. The October contract is currently trading at 6898, which is 11 points higher. The trading range has been 6920 to 6864.
On the Natural Gas front the September contract is set to expire tomorrow. In the overnight electronic session the October contract is currently trading at 2.859, which is 1 cent lower. The trading range has been 2.873 to 2.847. Technically we can’t punch through $3 and when the heat dome passes the bears maybe ready to pounce.
Have a Great Trading Day!