Rains and Warmer Temperatures Affecting Grains
Warmer temperatures and rains forecasted have the Grains taking another leg down. The August Grains expire today and we also have weekly Export Inspections at 10:00 A.M. and Crop Progress at 3:00 P.M. In the overnight electronic session the September Corn is currently trading at 356 ¾ which is 4 cents lower. The trading range has been 359 ¼ to 356. We are still a sellers’ market until further notice.
On the ethanol front the September contract is currently trading at 1.566 which is .009 of a cent lower. The trading range has been 1.575 to 1.566 with 11 contracts traded and Open Interest at 705 contracts.
On the crude oil front the market is trading a little easier this morning with no real headline to ignite a fire. In the overnight electronic session the September contract is currently trading at 4848 which is 34 cents lower. The trading range has been 4890 to 4843.
On the natural gas front weather is keeping this market lower this morning with no real extremes in heat after last week’s rally with Thursday’s bullish Gas Storage data. In the overnight electronic session the September contract is currently trading at 2.968 which is 1 ½ of a cent lower. The trading range has been 3.018 to 2.966.