We have merger talks in the markets this morning and we have Export Inspections at 10:00 A.M. with NOPA Crush at 11:00 A.M. and Crop Progress In the overnight electronic session Corn just does not seem to want to budge at this time with heavy carryover market at this time. In the overnight electronic session the July Corn is currently trading at 370 ¼, which is ¾ of a cent lower. The trading range has been 371 to 369 ¾.
On the Ethanol front there were no trades posted in the overnight electronic session. The June contract settled at 1.508 and is currently showing 3 bids @ 1.511and 1 offer @ 1.537 with Open Interest at 1,248 contracts.
On the Crude Oil front, Russia’s Oil Minister and the Saudi Arabia oil ministers agreed to production cuts until March 2018 propelling the market to highs not seen since late April. In the overnight electronic session the June contract is currently trading at 49.49, which is 165 points higher. The trading range has been 4952 to 4775.
On the Natural Gas front we took a break to the downside with warmer summertime temperatures are forecasted and it seems like we will be turning the corner with summertime winds. In the overnight electronic session the June Natural Gas is currently trading at 3.369, which is 5 ½ cents lower. The trading range has been 3.408 to 3.362.
Have a Great Trading Day