We kickoff the day with Existing Home Sales at 9:00 A.M., EIA Energy Stocks at 9:30 A.M., and we should have an interesting Cold Storage report at 2:00 P.M. coupled with Dairy Product Sales. On the Corn front the market closed lower in yesterday’s open outcry session and is carrying the torch in the overnight electronic session. Many farmers and surveyors have stated for some time that the crop is maturing at a rapid pace. When we had a rainy planting season and the roots were stressed and even though the crop looks green could they survive next week’s heatwave and a forecasted early September frost. In the overnight electronic session the September Corn is currently trading at 357 ¼, which is 2 ½ cents lower. The trading range has been 359 ¼ to 357. September Grain Options Expire Friday.
On the Ethanol front the September contract is currently trading at 1.339, which is 1 cent lower. The trading range has been 1.359 to 1.339. 9 contracts changed hands and the market is currently showing 2 bids @ 1.336 and 1 offer @ 1.340 with Open Interest dropping to 1,090 contracts.
On the Crude Oil front the market is rolling after a bullish API Energy Stocks number yesterday after last week’s bearish data with a mirage number of imports that did not show up at the Gulf Coast. The market is currently trading at resistance levels with fundamentals and geo-political factors in play. In the overnight electronic session the October Crude Oil is ccurrently trading at 6709, which is 125 points higher. The trading range has been 6734 to 6598.
On the Natural Gas the market is flirting with psychological resistance at $3 as we brace for the next heat dome next week after mild temperatures in the Midwest this week. The lower 48 should see some more hot mucky weather. In the overnight electronic session the September contract is currently trading at 2.970 which is 1 cent lower. The trading range has been 2.993 to 2.963.
Have a Great Trading Day!