Another Ugly December 7th Day
Good Morning!
Weakness in the stock market lead by pipeline oil companies driving stocks lower and a strong U.S. dollar took its toll on exports and the spillover effect to the basket of commodities was evident in yesterday’s trade and the bloodbath began.
In the overnight electronic session the March corn is currently trading at 374 ¼, which is 1 ¼ of a cent higher. The trading range has been 374 ¼ to 373 so far. The December contract expires on Monday and we will see some rollover action as we shift our focus to the March contract.
On the Ethanol front the January contract is currently trading at 1.478, which is .011 of a cent higher in the overnight electronic session. The trading range has been 1.478 to 1.475. We could see further pressure as Agriculture and Energies broke key support.
On the crude oil front the market is getting beat up again in the overnight electronic session with the January contract currently trading at 3694 as I write and making new lows. The trading range has been 3809 to 3692 so far. Tonight we have the weekly API data and the next support numbers on the January crude oil are 3679 and 3579. Buckle up.
On the natural gas front unseasonable warm weather continues to be the story in the weakness in this market as well. In the overnight electronic session the January contract is currently trading at 2.033 which is 3 ½ cents lower. The trading range has been 2.080 to 2.014 and may be looking to test 1.955.
Have a Great Trading Day!