No Rest For The Weary
Good Morning!
As Irma, the Category 5 Hurricane, plows through the Caribbean, the storm is said to be the most powerful ever recorded, nailing the Leeward Islands of Antigua and Barbuda with winds of 185 mph and is expected to head for Puerto Rico, the Dominican Republic, Haiti and Cuba before potentially reaching Florida by Sunday. And in this active Hurricane season as we brace for Irma after Harvey, we have Tropical Storm Jose following Irma’s path while we have Tropical Storm Katia, which is expected to make landfall on the eastern Mexico coast by Saturday. One can only say with these acts of God that all you can do is pray. And our prayers go out to all affected by these calamities.
On the Grain front the complex is trading a little easier versus the strength the market showed yesterday in the early going. Export Inspections were on the higher side of expectations but nothing to shock investors into a buying spree with Crop Progress unchanged from the previous week. In the overnight electronic session the December Corn is currently trading at 357 ¼, which is 1 ¼ of a cent lower. The trading range has been 358 ½ to 356.
On the Ethanol front the September contract is set to expire still showing 19 Open Positions. There were no trades posted in the overnight electronic session. The October contract settled at 1.505 and is currently showing 1 bid @ 1.501 and 1 offer @ 1.507 with Open Interest at 935 contracts.
On the Crude Oil front this market along with the products in Energy are trading on fear and fear alone. As traders have been quoted many a time, the markets trade on fear and greed. And right now all investors are fearful unless they need their head examined. Too many intangibles to access with tonight’s API Energy Stocks and mostly when Irma and Jose are in the rear view mirror. In the overnight electronic session the October Crude Oil is currently trading at 4917, which is 51 points higher. The trading range has been 4928 to 4852.
On the Natural Gas front the market is seeking new highs as I write. In the overnight electronic session the October contract is currently trading at 2.992 which is 2 cents higher. The trading range has been 2.995 to 2.960.
Buckle Up Your Chinstrap!