We have the API Energy Stocks at 3:30 P.M. today. Yesterday’s Crop Progress showed no significant gains of progress in Grains that are in the ground. This prompted short-covering as we have the Crop Production USDA Supply/Demand data on Thursday September 12th at 11:00 A.M. We will also be resuming face to face talks with China in October. In the overnight electronic session the December Corn is currently trading at 358 ½ which is 4 ¼ cents higher. The trading range has been 359 ¾ to 355 ¾. Traders will be hoping gains in the overnight will hold in the open out-cry session.
On the Ethanol front the October contract is currently trading at 1.319 which is .009 higher. The trading range has been 1.322 to 1.319. The market is currently showing 1 bid @ 1.307 and 1 offer @ 1.322with 4 contracts traded and Open Interest at 355 contracts.
On the Crude Oil front a lot of news swirling with the Russian Oil Minister to meet the new Saudi Oil Minister and he is a hawk on production cuts. The U.S. sold 9.88 million barrels from the Strategic Petroleum Reserve (SPR). But again with the news that the Saudi’s pledge to maintain production cuts and may add cuts in the future. So depending on the draws we see in this afternoon’s API Energy Stocks we could be flirting with $60 a barrel. In the overnight electronic session the October Crude Oil is currently trading at 5836 which is 51 points higher. The trading range has been 5848 to 5784.
On the Natural Gas front the market seems to be on a shoulder season rally that cyclically is not normal. In the overnight electronic session the October Natural Gas is currently trading at 2.630 which is 4 ½ cents higher. The trading range has been 2.635 to 2.594.
Have a Great Trading Day!