We kickoff the day with Consumer Confidence at 9:00 A.M. followed later by the API Energy Stocks at 3:30 P.M. We also have the FED Meeting today and tomorrow with a decision on a hike in Interest Rates tomorrow. On the Corn front the harvest is seen as 16% complete and no change in crop conditions from last week. Corn futures closed higher in yesterday trading session. Corn exports continue to be sound with Mexico a major player now that we resolved are trade talks. And we are now hearing whispers that oversupply and short storage have been exaggerated. If we keep moving exports it should be a sign of more good things to come. In the overnight electronic session the December Corn is currently trading at 360, which is a ½ of a cent lower. The trading range has been 360 ¾ to 357 ½.
On the Ethanol front the November contract posted a trade at 1.273, which is .001 higher with 38 contracts traded and Open Interest at 1,551. The market is currently showing 1 bid @ 1.266 and 1 offer @ 1.270. We are seeing a surge in exports to South America, which should be supportive to prices as we are still cheap on the global market and production cost are lower for the moment.
On the Crude Oil front the basic fundamentals continue to drive this market. With the U.S. exporting more and we are attempting to fill a void of lost barrels from Iran, Libya and Venezuela. Russia and OPEC are at odds of increasing production. In the overnight electronic session the November Crude Oil is currently trading at 7233, which is 25 points higher. The trading range has been 7266 to 7202.
On the Natural Gas front the market stays supportive as we are using electricity at a record pace for this time of year. In the overnight electronic session the November Natural Gas is currently trading at 3.034, which is a ½ of a cent higher. The trading range has been 3.053 to 3.013.
Have a Great Trading Day!