Good Morning!
The soybean oil continues to surge with palm oil lame and consumers will have to use this secondary market keeping soybeans strong and farmers happy as they want to close harvest on beans and corn and start planting wheat. In the overnight electronic session the December corn is currently trading at 380, which is ¾ of a cent lower. The trading range has been 382 ¼ to 380 so far. Today we will have the weekly Export Inspections and Crop Progress reports a day late due to the Columbus Day holiday. Cooler temperatures could bring in frost scares so watch your weather forecast.
On the Ethanol front there were no trades posted in the overnight electronic session. The November contract settled at 1.523 and is currently showing 1 bid @ 1.504 and 1 offer @ 1.527 so far.
On the crude oil front the market is waiting for traders to come back with yesterday’s light volume overdone holiday selloff in yesterday’s action or lack thereof. In the overnight electronic session the November contract is currently trading at 4709 which is 1 tic lower. The trading range has been 4784 to 4456 so far. The weekly API inventories have been pushed back a day and the EIA Energy Stocks to Thursday at 10 A.M. again due to the Columbus Day holiday.
On the Nnatural gas front the November contract is currently trading at 2.505 which is .030 cents lower in the overnight electronic session. The trading range has been 2.555 to 2.503 so far. This market is in a direction fighting chop this shoulder season.
Have a Great Trading Day!