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
Putin plays Texas Hold’em and showed the President he has quite the poker face. He did not do us a favor and bail Obama out of Syria he just won a victory to arm Iran. In 2007 a contract was signed between Russia and Iran to send ground-to-air missiles that can take out air-craft or guided missiles. The 2007 contract was scrapped in 2010, by then-president Dimitry Medvedev with strong U.S. and Israeli pressure to do so.
In the overnight electronic session the October Crude Oil is currently trading at 10745 which are 6 points higher at this writing. The trading range has been 10800 to 10653 so far. Last night’s API data was a little more bullish than anticipated and is supportive to the market. At 9:30 A.M. C.S.T. the EIA will release their data on Energy stocks on hand. We may still see some Iranian fear premium boosting this market and may hold off a bigger sell-off than we would have wanted to see. Stay tuned to the latest Middle-East news to see how much of a slide we may see.
On the Corn front the December contract is currently trading at 469 ½ which is up ½ of a cent. The trading range has been 470 to 466 ¼. Depending on whom you talk to and what part of the growing parts of the country they are from, there is quite of difference in what is expected out of yields. Some farmers believe their crop will yield enough to make up for any deficiencies elsewhere. Tomorrows Crop production USDA Supply/Demand report may paint a picture as to what I am hearing from farmers across the country.
On the Natural Gas front the October contract is currently trading at 3.565 which is .019 lower in the overnight session. The trading range has been 3.602 to 3.553 so far. Storm watchers are eyeballing a storm in the Gulf of Mexico, a trough of low pressure along the Yucatan Peninsula and Belize. It should move over land today then enter the Bay of Campeche on Thursday and has a medium chance of becoming a hurricane. Also watching Gabrielle forging up the U.S. Coast in open waters and the path of Humberto. Stay Tuned!
On the Ethanol front there were no trades posted last night. The October contract settled at 1.895 and has 1 bid at 1.870 and 1 offer at 1.905.
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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