Good Morning!
A 5.0 magnitude earthquake rocked Cushing Oklahoma and could be felt as far away as Kansas City, Missouri and Little Rock, Arkansas. There is significant damage but no reports of injuries or fatalities at this time. Officials will be assessing the damage today and throughout the week. This event and a technical rebound in Asia after falling to a six-week low, finds investors anxiously awaiting the results of the U.S. presidential election. In the overnight electronic session the December corn is currently trading at 4461, which is 54 points higher. The trading range has been 4499 to 4435. News of damage and repairs to the Cushing pipeline sand storage facilities should dominate oil headlines this week.
On the Natural Gas front we had and overnight spike as well with the explosion on the Colonial pipeline fresh in everyone’s head. And now we have an Act of God in Cushing and there will be disruptions and investors will be gauging the significance of the impact in the coming week, though it is just too early in the game to judge how bad this situation is. In the overnight electronic session the December Natural Gas is currently trading at 2.832, which is 6.5 cents higher. The trading range has been 2.875 to 2.825.
On the Corn front Wisconsin farmers are boasting a record bumper crop with record yields in Corn and Soybeans. In the overnight electronic session the December contract is currently trading at 347 ¾, which is 1 cent lower. The trading range has been 349 ½ to 347 ½. This news should further pressure the market south.
On the Ethanol front there were no trades posted in the overnight electronic session. The market will be reacting off of Corn, Crude Oil and Gasoline price swings. The December contract settled at 1.548 and is currently showing 1 bid @ 1.536 and 3 offers @ 1.608.
Have a Great Trading Day!