Grains Easing Off
We have EIA Energy Stocks at 9:30 A.M. followed by Cold Storage and Dairy Product Sales at 7:30 A.M. On the Corn front the market is pulling in the reins as well as the whole Grain Complex with more China tariffs expected and reports we may have some weather may stabilize. In the overnight electronic session the July Corn is currently trading at 389 ¼, which is 5 cents lower. The trading range has been 396 ¼ to 386 ¼.
On the Ethanol front the June contract posted a trade at 1.392 which is unchanged. 1 contract traded on Open Interest has dropped to 778 positions. The market is currently showing 4 bids @ 1.376 and 2 offers @ 1.392.
On the Crude Oil front last night’s API had a bearish spin with Crude Oil stockpiles rising 2.4 million barrels, Cushing rose 871 thousand barrels, Gasoline up 350K and Distillates were down 237 thousand barrels. Risk premium has taken a notch down with Iran toning down their rhetoric. In the overnight electronic session the July Crude Oil is currently trading at 6224 which is 89 points lower. The trading range has been 6300 to 6205.
On the Natural Gas front the market is currently trading at 2.593 which is 2 cents lower. The trading range has been 2.624 to 2.584. No new headlines in this shoulder season.