Crude Oil futures are down sharply in contrast of this OPEC non-OPEC agreement or non-agreement. Iraq’s oil minister Jabar Ali al-luabi seems to want to jabberjaw than reach an agreement which is the best interest of his country an OPEC as a whole. If an agreement is not reached with OPEC and non-OPEC countries the cartel is a thing of the past and all they are supposedly negotiating is fair market share. If they fail it is by their own doing. In the overnight electronic session the January Crude Oil is currently trading at 4609, which is 99 points lower. The trading range has been 4698 to 4598. Later today we will have the weekly API Energy Stocks, which I am anticipating builds as well as builds in Cushing, Oklahoma. The cards are on the table and OPEC is not used to dancing to the FREE MARKET'S tune. It is time to put up or shut up there is competition in FREE ENTERPRISE.
On the Corn front the overall picture on grains seem to be in the overbought mode. With the strong U.S. dollar we will follow weather in South America because at this point exports are the key. In the overnight electronic session the December Corn is currently trading at 346 ¼, which is 2 ¼ cents lower. The trading range has been 348 ¼ to 345 ¾. The strong U.S. dollar should smother any rally for now.
On the Ethanol front there were no trades posted in the overnight electronic session. The December contract settled at 1.616 and is currently showing 1 bid @ 1.606 and 1 offer @ 1.628.
On the Natural Gas front the market has not lost its steam but the current weather has given this bull market a breather. In the overnight electronic session the January contract is currently trading at 3.305, which is 1 ½ cents lower. The trading range has been 3.367 to 3.301. I still look to buy value in this historic bull market.
Have a Great Trading Day!