Here Come Those Rainy-Day Feelings Again
Good Morning!
We jumpstart this shortened week with Consumer Confidence at 9:00 A.M., Export Inspections 10:00 and Crop Progress at 3:00 P.M. The rains keep coming at a record pace and the Grain complex is finally coming to grips that this year we are not going to realize good -to-excellent yields regardless of what acreage can be planted if at all. Tornadoes, rains and river flooding continue to torment the Mid-West. In the overnight electronic session the July Corn is currently trading at 411 ¾, which is 7 ½ cents higher. The trading range has been 415 ¾ to 407 ½.
On the Ethanol front the market is higher coinciding with Corn, Crude Oil and Gasoline prices. The June contract Open Interest declined to 275 positions with 93 contracts traded so we will rollover to the July contract, which is currently trading at 1.441, which is .037 higher. The trading range has been 1.438 to 1.401. 157 contracts passed hands and Open Interest is at 880 positions. The market is currently showing 6 bids @ 1.437 and 1 offer @ 1.444.
On the Crude Oil the market had gains in the overnight but seem to be losing steam this morning. In the overnight electronic session the July contract is currently trading at 5884, which is 21 points higher. The trading range has been 5957 to 5814.
On the Natural Gas front the June contract expires tomorrow. The market is weak in the overnight with the July Natural Gas currently trading at 2.576, which is 3 ½ cents lower. The trading range has been 2.622 to 2.544.
More rains on the way should perk Grain prices to a new higher level.
Have a Great Trading Day!