Crazy Weather and Yields Hard to Forecast
Storms this weekend spawned tornadoes in three states. Six touchdowns were reported in Michigan on Saturday, two were reported in Indiana that the short path did wreak havoc on whatever was in its way including structures and corn fields. Ohio had one touchdown reported at Delaware State Park. The September contract has Option Expiration this Friday and the Futures expire Wednesday August 31. In the overnight electronic session the September corn is currently trading at 332 ½ which is 1 ¾ of a cent lower. The trading range has been 334 ¼ to 332. Also today we have weekly Export Inspections at 10:00 A.M. and Crop Progress at 3:00 P.M.. And at 11:00 A.M. we have the NOPA Crush.
On the ethanol Front there were no trades posted in in the overnight electronic session. The September contract settled at 1.482 and is currently posting 1 bid at 1.472 and 2 offers at 1.486.
On the crude oil front the September futures expire today. We are coming in a little heavy this morning with the October contract currently trading at 4793 which is 118 points lower. The trading range has been has been 4908 to 4765. If the U.S. dollar eases off and the Stock market gathers some legs, I anticipate a turnaround in the Energy Complex.
On the natural gas front the market is attempting to purge Thursdays highs. Even heading into shoulder season the market has a case for several bullish fundamental factors that could drive this market in the winter months. In the overnight electronic session the September natural gas is currently trading at 2.664 which is 8 cents higher. The trading range has been 2.669 to 2.596.