The Trading Pendulum Continues to Swing
It seems this game of chicken finally made Chins blink. Taking ads in the Des Moines Register attempting to sway voters losing large Soybean exports when just a week ago they were chirping about a replacement that they did not even need our Soybeans anymore and they have canceled any further trade talks. “ Well See Ya”! On the Corn front in the overnight electronic session the December Corn is currently trading at 356 ½ which is ¾ of a cent lower. The trading range has been 357 ¾ to 355 ¾.
On the Ethanol front the November contract posted a trade at 1.270 which is .002 higher. 61 contracts traded and the market is currently showing 1 bid @ 1.270 and 1 offer @ 1.273 with Open Interest at 1,258 contracts.
On the Crude Oil front the market is plugging away with investors doubts that Russia and OPEC can fill the gap of lost production and supplies getting tighter. In the overnight electronic session the November Crude Oil is currently trading at 7182 which is 104 points higher. The trading range has been 7239 to 7114.
On the Natural Gas front the market is trading higher after Thursday’s bearish EIA Gas Storage number. The October contract is currently trading at 3.002 which is 2 ½ cents higher. The trading range has been 3.011 to 2.951.