Good Morning!
Talking with Grain brokers after their crop tour enlightened me as to the abundance of Soybean acreage and the fact that crop conditions are not healthy and the numbers may be supportive for Corn prices with acreage numbers as a whole. In the overnight electronic session the September Corn is currently trading 370, which is 3 ½ cents higher. The trading range has been 370 ¾ to 368 ¼. Today we have Export Inspections at 10:00 A.M. and Crop Progress at 3:00 P.M. ahead of the big report data on Thursday, Crop Production USDA Supply/Demand.
On the Ethanol front there were no trades posted in the overnight electronic session. The September contract settled at 1.576 and is currently showing 1 bid @ 1.582 and 2 offers @ 1.599 with Open Interest at 977 contracts.
On the Crude Oil front the market is shrugging of any geo-political risk and is trading technically with no headline to move it. In the overnight electronic session the September Crude Oil is currently trading at 4904, which is 54 points lower. The trading range has been 4973 to 4878. We may need another inventory number to “wake up the echoes” and that will be the API data tomorrow.
On the Natural Gas front September contract is currently trading unchanged at 2.774. The trading range has been 2.808 to 2.764. Weather is not a factor pricing premium in the market.
Have a Great Trading Day!