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
Talk that farmers will be able to increase their freight loads by 10% to ease the burden of high Energy prices to get their loads to their destinations. Also the increase will increase safety as higher loads will lead the decrease on loads for safer travel. In the overnight electronic session the December Corn is currently trading at 349 ¾ which is 1 ½ of a cent higher. The trading range has been has been 350 ¼ to 348 ½.
On the Ethanol front there were no trades posted in the overnight electronic session. The December contract settled at 1.459 and is currently showing 1 bid @ 1.462 and 1 offer A 1.476 with Open Interest at 1,451 contracts.
On the Crude Oil front the market looks posed to breakout and now shoot for $60 a barrel with strong fundamentals with more shortages on the horizon and news out of Saudi Arabia. Prince Alwaleed arrested and charged with bribery, embezzlement, money laundering and abuse of power leveled against dozens of Saudi princes, officials and businessmen detained in this crackdown in a anticorruption probe, a Saudi official told Reuters this morning. In the overnight electronic session the December Crude Oil is currently trading at 5600 which 36 points higher. The trading range has been 5628 to 5568.
On the Natural Gas front colder weather is driving the market higher in the early going with being in November we expect colder temps. In the overnight electronic session the December Natural Gas is currently trading at 3.064 which is 8 cents higher. The trading range has been 3.095 to 3.051.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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