Happy Halloween!
Supply and demand is one equation investors and producers attempt to capitalize on. We did see a worldwide expansion in wheat growing and yet the equation of this volume goes back to the old fundamentals -- it is not what you plant but what you grow. On the same stage of supply and demand the corn market is wondering about the health of harvest and government mandates of volume in alternative energy produced by corn creating ethanol. In the overnight electronic session the December corn is currently trading at 352 ½, which is 2 ½ cents lower. The trading range had been 355 ½ to 352 ½.
On the ethanol front there were no trades posted in the overnight electronic session. The November contract settled at 1.645 and is currently showing 5 bids @ 1.616 and 2 offers @ 1.645.
On the crude oil front the market is trading the shake and bake of the news out of OPEC of what they will freeze or cut production. Even without solidarity ahead of the November 30 meeting.
Eventually, OPEC will have to dance to our tune. In the overnight electronic session the December crude oil is currently trading at 4804, which is 66 points lower. The trading range has been 4874 to 4795. The OPEC stalemate will be short-lived and create a golden buying opportunity.
On the natural gas front the market seems to take a page from crude-oil's oversupply and glut. This will change fast and furiously as this market will rebound in a big way when we have a cold winter and when we feel supplies are tight look to go long on the futures. In the overnight electronic session the December natural gas is currently trading at 3.150, which is 4 ½ cents higher. The trading range has been 3.163 to 3.101. This market is poised to make a run.
Have a Great Trading Day!