Dan Flynn is the writer of The Corn & Ethanol Report, a daily market letter covering grains, energies, and various global issues that are the driving force and backbone of the commodity markets. Contact Mr. Flynn at (312) 264-4374
In the overnight electronic session the December Corn is currently trading at 476 ¾ which is 6 ½ cents lower. The trading range has been 482 ¼ to 474 ¾ so far. Historically it is that time of the year where rallies fade and after the weather premium that pushed the market this year seems to be no different as longs have no problem banking profits before many outside factors can pressure the market other than harvest pressure. I still expect some wild swings as the market braces for weather and yields that will dominate the market in the coming months. Stay Tuned!
On the Energy front the October Crude Oil is currently trading at 10406 which is 21 points higher at this writing in the overnight electronic session. The trading range has been 10472 to 10353 so far. China had some friendly economic news that may support the market for now. You also have to factor in the unraveling in the Middle-East that will further support higher prices.
On the Natural Gas front we are currently trading at 3.506 which is .046 higher in the overnight electronic session. The trading range has been 3.513 to 3.451 so far. Warmer and humid temperatures in the Mid-West may keep prices moving upward. Also today’s inventory numbers could impact prices as well. A poll by Thomson Reuters expectations on the street see an average injection of 69 bcf.
This poll may show bearish traders that it is time for change.
On the Ethanol front the September contract is currently trading at 2.294 which is .002 lower in the overnight session. The trading range has been 2.305 to 2.294 so far.
The PRICE Futures Group
Questions? Ask Dan Flynn today at 312-264-4374
Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The information presented is from sources believed to be reliable and all information is subject to change without notice.
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