Good Morning!
We have a lot of reports today starting with Export Sales and Initial Jobless Claims at 7:30 A.M., Factory Orders and ISM non-Manufacturing at 9:00 A.M., EIA Gas Storage at 9:30 A.M., followed by Dairy Products at 2:00 P.M. On the Grain front the market continues to chop in a slightly different harvest season than other years, and with predictions of growing yields in Corn and Soybeans, the market will be keen on exports. In the overnight electronic session the December Corn is currently trading at 347 ¼, which is 1 cent higher. The trading range has been 348 ¼ to 346. Exports and weather will be key at this stage of the game.
On the Ethanol front the market has been no different in sluggish results with the selling off of other related commodities. With the November contract expiration imminent the December contract settled at 1.533 and is showing 1 bid @ 1.384 and no offers at the moment.
On the Crude Oil front $60 thousand question is if the market bottom at the $45 level. After bearish inventory reports and selloffs the market is currently trading 34 tics higher at 4856. The trading range has been 4590 to 4539. The market will head the headline quotes from OPEC, the results of the election Tuesday night or Wednesday morning and the November 30 official OPEC meeting.
On the Natural Gas front we had a vicious chop in the overnight electronic session,. The December pushed to almost 8 cents lower and now bounce back to 2.777, which is 1 ½ cent lower. The trading range has been2.793 to 2.725. The weekly EIA Gas Storage poll of 18 analyst range injections numbers from 44 bcf to 60 bcf. This compares to 74 bcf last week and the 1-year of 58 bcf and the five-year average of 63 bcf.
Have a Great Trading Day!