Turnaround Tuesday.
The good news and the bad news continue to be the volatile fuse to the market fluctuations. In the overnight electronic session the December corn is currently trading at 386 ½ which is a ¼ of a cent lower. The trading range has been 388 to 385 so far. With harvest lows being projected to be the bottom this season and the Brazilian real slowing down from the recent spike invites more volatility. I would be a buyer in this market.
On the Ethanol front the October contract is currently trading at 1.510 which is .024 cents lower in the overnight electronic session. The trading range has been 1.545 to 1.510 so far. This market is trading in doubt as it follows Corn, Sugar and policies out of Washington D.C. meaning there is no direction.
On the crude oil front the market held support after yesterday's bashing of the markets. The question is do you believe in demand destruction or production destruction that is weighing in on this sector. In the overnight electronic session the November Crude Oil is currently trading at 4509 which is 66 points higher at this writing. The trading range has been 4525 to 4430 so far. I expect a rally going into tonight's weekly API data.
On the natural gas front the market is coming off recent highs with a Canadian cool front moving in and approaching quickly. In the overnight electronic session the November contract is currently trading at 2.614 which is .056 cents lower. The trading range has been 2.673 to 2.607 so far.
Have a Great Trading Day!