Grains Higher
In yesterday’s trading session the September corn settled 5 ¾ cents higher mainly due to the fact that rains forecasted did not materialize. The USDA Crop Progress showed no change in condition ratings for U.S. corn, soybeans and spring wheat crops, according to estimates of 12 analyst polled by Reuters. The poll showed that the corn crop was 61% good to excellent which was in line with expectations. In the overnight electronic session the September corn is currently trading at 373 ½ which is 1 ¼ of a cent higher. The trading range has been 374 ¼ to 371 ¼.
On the ethanol front the September contract is currently trading at 1.611 which is .016 higher. The trading range has been 1.626 to 1.593 with Estimated Volume of 28 contracts traded and Open Interest at 927 contracts.
On the crude oil front we have the weekly API Energy Stocks at 3:30 P.M. If the data shows more draws the market will attempt to achieve resistance through $50 a barrel. In the overnight electronic session the September contract is currently trading at 4939 which is unchanged. The trading range has been 4979 to 4918.
On the natural gas front weather is the factor that is keeping prices low. In quiet trade in the overnight electronic session the September contract is currently trading at 2.816 which is 1 ½ of a cent higher. The trading range has been 2.832 to 2.801.