Fed Holds the Line
The Fed kept rates in check but Janet Yellen offered some hawkish comments that rates could be raised at the December FOMC meeting if they deem there is enough economic growth after the election and be a scrooge. We will need fantastic Jobs, GDP and Manufacturing data for this to be a good move.
In the overnight electronic session the grains are mixed with corn and wheat coming in lower while soybeans are higher following soybean oil's lead. The December corn is currently trading at 389 ½ which is ½ of a cent lower. The trading range has been 341 ½ to 338 ¾.
On the ethanol front there were no trades posted in the overnight electronic session. The October contract settled at 1.513 and is currently showing 1 bid at 1.511 and 1 offer at 1.560.
On the crude oil front, the bulls were back in town now that is becoming more likely that OPEC does have a deal on a production freeze or even a cut. Also, the weekly supplies were down significantly In the overnight electronic session, and the November contract is currently trading at 4603 which is 69 points higher. The trading range has been 4609 to 4552.
Tropical Storm Karl looks like less of a threat to the Gulf of Mexico while Tropical Storm Lisa is churning in the Atlantic. The active hurricane season also has natural gas investors concerned about product disruptions and a forecasted cold winter on this summer like day on the first day of autumn. In the overnight electronic session the October contract is currently trading at 3.067 which is 1 cent higher. The trading range has been 3.091 to 3.062.