Good Morning!
My prayers go to my fellow Americans affected by the despicable, cowardly, dastardly action this Saturday night. Unfortunately, our fearless leader was invisible to offer comfort to what and who mattered most -- The American People! He was too busy campaigning for Hillary who has just as much of fruitless foreign policy. Well, at least he was not on the golf course so we did not postpone his tee time. Well at this point “What Difference Does It Make”? The education should be clear in November!
In the overnight electronic session the Grain complex is following through on Friday’s strong close. The December corn is currently trading at 338, which is 1 cent higher. The trading range has been 340 to 337. The is trading on plantings in South America, weather, harvest news and fund maneuvering as we move deeper into harvest.
On the Ethanol front there were no trades posted in the overnight electronic session. The front month October had no volume and a measly Estimated Open Interest of 899 contracts. The settlement price was 1.508 and the current spread is showing 2 bids @ 1.502 and 6 offers @ 1.532.
On the Crude Oil front, today is First Notice Day on the October contract. If you have a position roll or liquidate today before the contract expires the sooner the better. The market is trading on headlines, which global politics and demand observations will play a heavy hand where producing counties share their politics with ignorance versus common sense. In the overnight electronic session the November Crude Oil is currently trading at 4419 which is 57 points higher. The trading range has been 4450 to 4366. This market can change course in a moment’s notice especially heading in tomorrow and Wednesday’s Fed Meeting.
On the Natural Gas front, Tropical Storm Karl is on a path that could have an impact on oil facilities in the Gulf of Mexico later this week. There is another Disturbance on the heels of Karl that could disrupt the flow of Oil and Energy. In the overnight electronic session the October Natural Gas is currently trading at 2.918, which is 3 cents lower. The trading range has been 2.958 to 2.890. The active hurricane season may offer more support to bulls in this shoulder season.