Financials: Dec. Bonds are currently 11 lower at 163’31, 10 Yr. Notes 5 lower at 130’00.5, 5 Yr. Notes 3 lower at 120’27.5 and June Eurodollars 1 lower at 98.95. I remain on the sidelines awaiting an opportunity to go short Eurodollars above 99.040.
Grains: Dec. Corn is 0’6 higher at 349’0, Jan Beans […]
Caterpillar Inc. will report 3rd quarter earnings before the bell and investors and will be wondering about continued weakness in new sales while the Stock Market will brace for the Consumer Confidence data. In the overnight electronic session the December Corn is currently trading at 349 ¼ which is 1 cent higher. The trading range […]Continue Reading →
While the oil market fluctuates on OPEC posturing, supplies in Cushing, Oklahoma are falling. Not only did the private crude forecaster Genscape report a million barrel drop last week, a pipeline spill in a pipeline going in and out of the all-important delivery point will further reduce supply. After dropping hard on comments Iraq’s oil […]Continue Reading →
Gillian Rich, Investor’s Business Daily. Iraq argued that it shouldn’t have to join OPEC’s production cap as it fights the Islamic State, while officials from Saudi Arabia and Russia met over the weekend to discuss production rates. Iraqi oil minster Jabber Al-Luaibi said at a news conference Sunday that he supported OPEC’s policy but said the […]Continue Reading →
Informal Economics is projecting a 5.7% increase in Soybean plantings and a decrease in Corn 3.7 % in Corn plantings which is the only reason I can tell why the differential in Corn and Soybean prices. In the overnight electronic session the November Soybeans are currently trading at 995 ¼ which is 12 ¼ cents […]Continue Reading →
Oil prices are looking for direction after Iraq says it should be exempt from oil production cuts. Iraqi oil minister Jabal Ali al-Luaibi said Iraq should be exempt from any production cut because of the wars it has fought since the 1980s has not allowed them to achieve their oil production destiny. He says that […]Continue Reading →
This harvest seems to be moving along at a decent clip at this time of the year but a potential frost could ignite a rally. Not that the Corn market is rallying to epic proportions but it does seem to be attempting to form a bottom. In the overnight electronic session the December Corn is […]Continue Reading →
Even as oil fights the rising dollar, the November crude oil contract closed above $50 a barrel and should be a clear warning sign that this market is poised to move higher. OPEC skeptics have doubted the cartel’s commitment for a production cut and to get non-OPEC nations to go along have done so at […]Continue Reading →
Short term weather is giving bearish signals to the Natural Gas market but we could expect a reversal when more seasonable temperatures hit us as we head out of shoulder season. The Reuters poll of 21 analysts in this sector has estimates of builds in the injection number ranging from 70 bcf to 77 bcf. […]Continue Reading →
Oil prices hit a new high for the year as refinery runs and imports hit lows for the year. The Energy Information Administration (EIA) reported a 5.2 million barrel drop in crude oil supply even as US refinery runs fall to 85% of their operable capacity, the low for the year. Refiners ran a mere […]Continue Reading →
Last night’s API data showed a draw of 3.8 million barrels versus an expected build of 2.5 million barrels. If this morning’s EIA confirms these draws expect a break out to the upside. The market coming back to balance signals me that emerging markets in China and India have increased the insistence of supply to […]Continue Reading →
There is growing evidence that not only is the global oil market back in balance, but there is a strong possibility that global demand is already outstripping daily oil output. Another big drop in US oil inventory, the 6th in 7 weeks and a 6.7 GDP reading in China adds more weight to the global […]Continue Reading →
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