Good Morning!
The USDA Crop Progress report showed Corn harvest 51% complete and Soybean harvest 52% complete. We had another decline in crop condition ratings with 67% of the Corn and 65% of the Soybeans good-to-excellent dropping 1% point in both crops. Corn closed higher yesterday with Mother Nature playing her games and a wet forecast is predicted along with cooler and windy weather projected. Exports are still way outpacing where we were a year ago. In the overnight electronic session the December Corn is currently trading at 369 ½, which is unchanged. The trading range has been 371 to 369.
On the Ethanol front there were no trades posted in the overnight trading session. The November contract settled at 1.263. The market is currently showing 1 bid @ 1.254 and 1 offer @ 1.258 with Open Interest dropping to 657 contracts. The December contract settled at 1.285 and is currently showing 34 bids @ 1.275 and 2 offers @ 1.281 with Open Interest at 1,450 contracts so we will change are focus to the December contract tomorrow.
Have a Great Trading Day!