We kickoff the day with Export Sales at 7:30 A.M. Brexit deal reached but the drama shifts to Parliament and this could be a rerun of Russian collusion and the Ukraine quid pro quo. It will be more boring T.V. as we know the entire plot already. In other news, we have Tropical Storm 16 which is bearing down on Florida, which will produce high winds and flash flooding in the central and eastern Gulf Coast. On the Corn front, farmers are hoping that their fields will be dry or have to dry them to help boost harvest numbers. In the overnight electronic session the December Corn is currently trading at 392 which is 2 ¾ cents lower. The trading range has been 395 ¾ to 391 ½.
On the Ethanol front, Iowa farmers are letting President Trump know their disappointment with the Environmental Protection Agency’s latest formula on how many gallons other refineries would have to blend. There were no trades posted in the overnight electronic session and the November contract settled at 1.445. The market is currently showing 1 bid @ 1.395 and 1 offer @ 1.446 with Open Interest at 276 contracts.
On the Crude Oil front, we are coming in strong. Dare I say, could this be the low for the year? Tight supplies should drive prices in Crude Oil and Products causing more pain at the pump. We are rolling to the December contract as the November is set to expire next week. And in the overnight electronic session the December contract is currently trading 5450 which is 47 points higher. The trading range has been 5469 to 5382.
On the Natural Gas front, we’re seeing some profit taking this morning with the November contract currently trading at 2.303 which is 1 and ½ of a cent lower. The trading range has been 2.342 to 2.293.
Have a Great Trading Day!