Happy Veterans Day!
Moving closer to Thanksgiving this weekend reminded me of what we have to be thankful for. The Centennial of the Doughboys fighting and winning for are freedom, The Marine Corps Birthday November 10th and all of the brave Men & Woman that sacrificed so we could be safe. God Bless and THANK YOU for serving our country. This weekend I was driving through the farm fields of Northern Illinois and Southern (NYSE:SO) Wisconsin where I saw snow on the ground in certain areas and farmers working in the fields that were not that wet. Whatever is still in the ground cannot be good-to-excellent and China revamping their carryover and production the past ten years, I still remain bullish on this market. We are still juggling weather forecasts and yields and I see demand to continue to rise as we look to feed protein. And I remember an old saying, “it is not what you plant but what you grow’”. In the overnight electronic session the December Corn is currently trading at 370 which is a ¼ of a cent higher. The trading range has been 372 ½ to 368.
On the Ethanol front the December contract is currently trading at 1.259, which is .004 higher. The trading range has been 1.263 to 1.257. 23 contracts traded and Open Interest continues to slide down to 1,760 open positions. The market is currently showing 2 bids @ 1.256 and 1 offer @ 1.260.
On the Crude Oil front the Saudi’s blinked and the beginning of production hit the headlines, and they gave a warning if Oil prices do not get back in balance further production cuts are on there way. In the overnight electronic session the December Crude Oil is currently trading at 6080, which is 61 points higher. The trading range has been 6128 to 6037.
On the Natural Gas front the market is moving higher on cold weather and fears of shortages of Heating Oil and Coal as we would look to alternatives and the next commodity would be Natural Gas. In the overnight electronic session the December contract is currently trading at 3.784, which is 6 ½ cents higher. The trading range has been 3.907 to 3.745.
Have a Great Trading Day