Short Holiday Week Earnings & Reports will Cram Calendar
Vice Chair of the Federal Reserve Stanley Fischer will speak today and we have also have weekly Export Inspections and Crop Progress reports as well. We also have the last trading day for December Crude Oil and first notice day on December coffee, so we will cover a lot of ground this shortened holiday week. On the Corn front the December contract is currently trading at 345 ¾ which is ¼ of a cent Higher. The trading range has been 347 ½ to 344 ¾. Exports will be playing the hand of where prices go from here.
On the Ethanol front there were no trades posted in the overnight electronic session. The December contract settles at 1.566 and is currently showing 2 bids at 1.566 and 5 offers at 1.590.
On the Crude Oil front, comments out of Iran seems to have bolstered the belief that OPEC will agree on production cuts November 30th in Vienna. The December contract expires today so we will put our mark on the January contract which is currently trading at 4725 which is 89 points higher in the overnight electronic session. The trading range has been 4740 to 4646.
On the Natural Gas front the market continues to rise with the December contract shooting for the $3 level. In the overnight electronic session the December contract is currently trading at 2.913 which is 7 cents higher. The trading range has been 2.947 to 2.891. Weather is the key to the rally and long-term weather forecast that could sustain buying.