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
Traveling in Northern Illinois and Southern Wisconsin this weekend I witnessed some horrible Corn fields for this time of year. The saturating rains did make it greener but yields are of most interest at this time and it does’ not look pretty. What this crop will yield, your guess is as good as mine is. In the overnight electronic session the December Corn is currently trading at 490 ½ which is 8 ½ cents higher. The trading range has been 493 ¾ to 483 ½. The market looks poised for further rallies as we head into harvest season.
On the Energy front Obama blinked and the market sold off and is treading water as the imminent fears are dispelled for now. The market did rally back with joint Israeli U.S. war-games taking place in the Mediterranean. In the overnight electronic session the October Crude Oil is currently trading at 10722 which is 43 points lower. The wide trading range has been 10777 to 10421 so far mainly due to no resolution or defined plan.
On the Natural Gas front we have a Tropical Wave over the Yucatan peninsula that is moving westward at 10mph. This storm has potential to become a Tropical Cyclone in the next 48 hours. Another area of low pressure producing disorganized thunderstorms from the Eastern Caribbean Sea to the Lesser Antilles and into the Tropical Atlantic. There is yet another Tropical wave trying to form near the West Coast of Africa. This storm activity has the Natural Gas prices flying with the October contract currently trading at 3.671 which is .090 higher. The trading range has been 3.689 to 3.601 so far. The market is bracing for what disruption the current storm in the Gulf may cause.
On the Ethanol front there were no trades posted last night. The October contract settled at 1.981 on Friday and is showing 1 bid at 2.000 and 1 offer at 2.050 so far. Strength in the Corn market is tipping the prices in Ethanol this morning.
Have a Great Trading Day!
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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