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
The slide that began in yesterday’s open out-cry session continued in the overnight electronic session. The December contract is currently trading at 470 ¾ which is 4 ½ cents lower . The trading range has been 465 ¼ to 467 ¼ so far. It seems we are in the middle of a momentum change with the Soybeans selling off recent gains as well. Profit taking makes the markets go round. I still am concerned about the yields this crop can produce and anticipate a chop in this normally bearish time of year.
On the Energy front the October Crude Oil is currently trading at 10789 which is 65 points lower as I write in the overnight session. The trading range has been 10861 to 10763 so far. With the Senate ready to vote on a strike on Syria we could expect some war premium as the market will overreact to the unknown. If we take 10880 we will surely try and test the 112 level until we realize no major disruptions or escalation.
On the Natural Gas front traders are eyeballing two storms one is disorganized thunderstorms over the Yucatan and another one is 200 miles southeast of San Juan Puerto Rico. The October contract is currently trading at 3.693 which is .027 higher in the overnight electronic session. The trading range has been 3.699 to 3.664 so far. And the storms remain in the big picture for now.
On the Ethanol front the October contract posted a trade at 1.930 which is .013 lower in very quiet trade.
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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