Good Morning!
Saudi Arabia, UAE, Egypt, Bahrain and Yemen cut ties with Qatar. Hopefully led By General James Mad dog Mattes the noose of courage and freedom is tightening on those cowardly animals. With all the engagements and divorces in the region this should not disrupt the flow the flow of Oil given the geographical picture. In the overnight electronic session the July Crude Oil is currently trading at 4738, which is 28 points lower. The trading range has been 4842 to 4723.
On the Corn the weekend’s weather seemed to be conducive to growing conditions with rains and heat to evaporate the saturated fields. We do have cooler temperatures forecasted this week with a warm front to follow. In the overnight electronic session the July Corn is currently trading at 373 ½, which is ¾ of a cent higher. The trading range has been 374 ½ to 372 ¼.
On the Ethanol front the July contract is currently trading at 1.571, which is .006 of a cent higher. The trading range has been 1.571 to 1.570. The current market is 1 bid @ 1.571 and 1 offer @ 1.579 with Open Interest at 1,487. We do have activity picking up in the August contract.
On the Natural Gas front the July contract is currently trading at 2.984, which is 1 ½ of a cent lower. The trading range has been 3.047 to 2.935. We need a good dose of hot weather to get the bulls back in the game full throttle.
Have a Great Trading Day