Hurricane conditions are in place starting last night and early today across portions of the Florida Keyes and portions of southern Florida. Tropical Storm conditions will extend well away from Eta’s center across central portions of the Florida peninsula. And still concerns but lowered this morning that Eta may make a splash in the Gulf of Mexico and make a dash northwestward. Still too early to predict what direction the storm is heading in. We are also watching Disturbance 1 that is several hundred miles southwest of the Azores. It is moving east-northeastward over the northeastern Atlantic. This is another storm to keep on our radar.
On the Corn front, we were coming in a tad easier with soybeans rallying and trading higher. After another great week for exports the market traded lower on Friday mainly due to technical selling and profit taking. With warmer-than-normal conditions in the Midwest and Plains the 8-14-day outlook predict seasonally wet weather between November 13th to November 19th. In the overnight electronic session, the December corn is currently trading at 406 ½ which is a ¼ of a cent lower. The trading range has been 409 ½ to 401 ¾.
On the Ethanol Front not too much scuttlebutt this weekend that we have not heard already. Farmers are focusing on completing harvest and we will see the weekly productivity report on Wednesday. There were no trades posted in the overnight electronic session. The December ethanol settled at 1.360 and is currently showing 1 bid @ 1.280 and 3 offers @ 1.459 with Open Interest at 39 contracts.
On the Crude oil front the market is rolling on the Pfizer (NYSE:PFE) Bio-N-Tech news. We also must keep an eye on Tropical Storm Eta moving west at 11 knots off the west coast of Florida. It is still a toss-up of what direction this storm will move. In the overnight electronic session, the December crude oil is currently trading at 4092 which is 378 points higher. The trading range has been 4133 to 3706.
In terms of Natural Gas Futures, the market is in an eerily quiet chop mode. The market does not seem fazed by the vaccine news or Tropical Storm Eta now. At the moment the storm could shift east and avoid Louisiana and other state pipelines and refineries. In the overnight electronic session, the December natural gas is currently trading at 2.873 which is .015 lower. The trading range has been 2.929 to 2.821.