Summer Solstice and “Strawberry Moon”, coincide on the same day which is supposed to happen once in a lifetime and what an experience this phenomenon of Mother Nature and the planets should show a dazzling experience. The Brexit vote on Thursday seems to be leaning to stay in the Euro which lit a fire in the Euro-currency and British pound and have those currencies trading higher to the U.S. dollar.
On the corn front the Grains really took a shellacking in the overnight electronic session as a whole giving back Friday’s gains. In the overnight electronic session the July corn is currently trading at 428 which is 9 ¾ cents lower. The trading range has been 435 ¾ to 426 ¼ so far. One weather forecaster had changed his forecast and the bulls headed for the exits but this could change just as fast as the fickle weather forecasts.
On the Ethanol front there were no trades posted in the overnight electronic session. The July contract settled at 1.676 and is currently showing 1 bid at 1.650 and 3 offers at 1.666.
On the crude oil front the market is rolling after a change in the winds of the Brexit vote that now favors Britain staying in the Euro. Also the July crude oil expires today so we will switch our focus to the August contract which is currently trading at 4942 which is 86 points higher. The trading range has been 495 to 4877 so far. We could see a test to $50 a barrel in today’s trading session. The bulls are back in town and investors will be keeping an eye on the Tropical Depression in the Gulf of Mexico and make sure it does not cause any disruption to the flow of oil in the Houston Shipping Channel.
On the natural gas front the “Heat is On” and air-conditioning units were most definitely working overtime. In the overnight electronic session the July contract is currently trading at 2.663 which is 4 cents high