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
We have Exxon earnings that could boost a slumping Energy sector this morning and we have GDP released at 7:30 A.M. We also have November Grain Option Expiration today which could throw a slider or squeeze play close to the market session close. In the overnight electronic session the December Corn is currently trading at 349 ½ which is 1 cent lower. The trading range has been 350 ½ to 349 ¼. We could see some shake, rattle and roll today.
On the Ethanol front the December contract posted a trade at 1.410 which is .012 cent lower. The market is currently showing 1 bid @ 1.411 and 1 offer @ 1.417 with Open Interest at 1,192 contracts.
On the Crude Oil front the market needs a close above $53 a barrel to break out of this home on the range. The Stock Market is helping but the higher U.S. dollar is not. Exxon earnings could be a game changer as well. In the overnight electronic session the December Crude Oil is currently trading at 5250 which is 14 points lower. The trading range has been 5282 to 5244. Remember we also have Baker Hughes Rig Counts at High Noon.
On the Natural Gas front the market is taking a beating in the early going. With cold temperatures approaching it kinds a make investors wonder if this is the last hurrah. In the overnight electronic session the December Natural Gas is currently trading at 2.961 which is 9 cents lower. The trading range has been 3.054 to 2.959. Rig Counts could throw a change-up in this market as well.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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