We kickoff this morning with Export Sales, Jobless Claims and Personal Income at 7:30 A.M. followed by the EIA Gas Storage data at 9:30 A.M. Trade talks with Canada continue and the Friday deadline has both parties talking and attempting to reach an agreement. In the overnight electronic session the December Corn is currently trading at 358, which is 1 ½ of a cent higher. The trading range has been 359 to 356 ½. Remember tomorrow is First Notice Day on all September Grains so move early and do not get caught in a Labor Day holiday squeeze.
On the Ethanol front the October contract is currently trading at 1.270, which is .001 higher. The trading range has been 1.270 to 1.269. 45 contracts traded and Open Interest is climbing to 1,456 contracts while the market is currently showing 1 bid @ 1.258 and 1 offer @ 1.267.
On the Crude Oil front a lot of fundamental factors are driving this market whether it is geo-political risk or tight supplies with Iran and Venezuela’s output shelved and off the stage while global demand is increasing with emerging markets of China, India and Vietnam also with a vibrant U.S. economy with a growing GDP we have not seen in decades and Consumer Confidence at an all-time high should see this market take flight. In the overnight electronic session the October Crude Oil is currently trading at 6985, which is 34 points higher. The trading range has been 7008 to 6955.
On the Natural Gas front we have the EIA Gas Storage report this morning. We also have a heatwave in the northeast not to mention what the south is experiencing. We are watching a tropical disturbance of the west coast of Senegal, Africa which has an 80% of developing into a hurricane. Yes it is that time of year and all the wacky weather we have experienced across the globe, I do not discount any threat. In the overnight electronic session the October Natural Gas is currently trading at 2.883 which is 2 cents higher. The trading range has been 2.890 to 2.862.