Good Morning!
Wholesale Trade at 7:30 A.M. EIA Energy Stocks at 9:30 A.M. Crop Production USDA Supply/Demand at 11:00 A.M. and Dairy Product Sales at 2:00 P.M.
Heading into today’s Crop Production USDA Supply/Demand report changing winds of La Nina weather are headline material as we come to close on harvest with this rare sustained warmed for this part of the growing region and the continuing changes of estimated outputs and yields in this crop, which most likely rallied the market yesterday. What a difference a day makes, in the overnight electronic session the December Corn is currently trading at 352, which is 2 ¼ cents lower. The trading range has been 353 ¾ to 347 ½. Will there be another surprise on this report?
On the Ethanol front there were no trades posted in the overnight electronic session. The December contract settled at 1.554 and the market is currently showing 4 bids @ 1.494 and 1 offer @ 1.539.
On the Crude Oil front last night’s API showed builds of 4.4 million barrels and Cushing, Oklahoma showed builds of 156 thousand barrels while the products showed draws of 3.6 million barrels on Gasoline and 4.3 Million barrels on Distillates. Now that we post-election, the crazy volatility may have seen its better day and we may realize a more orderly market. In the overnight electronic session the December Crude Oil is currently trading at 4515 which is 17 points higher. The trading range has been 4535 to 4307.
On the Natural Gas front the market has broken new ground with the continued unseasonally warm weather keeping capacity full with lighter demand for this time of year. If the weather turns we will see demand pick-up and put unseen pressure on production that we have never seen before. This could be the calm before the storm. In the overnight electronic session the December Natural Gas is currently trading at 2.628 which is a ½ of a cent lower. The trading range has been 2.673 to 2.546.
Have a Great Trading Day!