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 kick off this day with Spooks and Super Natural with Employment Cost Index at 7:30 A.M., Chicago PMI and Consumer Confidence at 9:00 A.M. and finally at 3:30 P.M. API Energy Stocks with the FOMC Meeting getting underway. Effective Tuesday October 31st the CME Group will reset price limits for Grains and Oil Seed futures which will start in the overnight electronic session and reflect the November 1st trading session. On the Corn front the December contract had a tight trading range with light Estimated Volume of 602 contracts so far in the overnight. We are currently trading at 348 ¼ which is a ½ of a cent lower. The trading range has been 348 ¾ to 348.
On the Ethanol front the November contract is set to expire Friday and has 23 Open positions to date. There were no trades posted in the overnight electronic session with the December settling at 1.418 and currently showing 1 bid @ 1.406 and 1 offer @ 1.418 with Open Interest at 1,250 contracts.
On the Crude Oil front it was quiet night here as well. In the overnight electronic session the December contract is currently trading at 5411 which is 4 points lower. The trading range has been 5428 to 5393. Tonight’s API inventories could start another rally.
On the Natural Gas front the changing weather forecasts to warmer temperatures about mid-week seems to squash any rally investors are looking to the future. In the overnight electronic session the December Natural Gas is currently trading at 2.936 which is 3 cents lower. The trading range has been3.005 to 2.931.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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