No Recession
Good Morning!
We start off the week with Export Inspections at 10:00 A.M. and Crop Progress at 3:00 P.M. We keep hearing the 'R' word as Asia and Europe’s economies show signs of weakness and investors are concerned about the yield curve no thanks to the FED. I also believe the U.S. economy has not seen its best days. The rains over the weekend have pressured the Grain complex this morning starting off the week. In the overnight electronic session the December Corn is currently trading at 374, which is 6 ¾ cents lower. The trading range has been 378 ¼ to 373 ¾.
On the Ethanol front there were no trades posted in the overnight electronic session. The September contract settled at 1.303. The market is currently showing 1 bid @ 1.284 and 1 offer @ 1.291 with Open Interest sitting at 517 contracts.
On the Crude Oil front the September contract expires tomorrow. The Energy complex is rocking and see’s no sign of a recession here with people spending fanning the fumes of economic growth. In the overnight electronic session the October Crude Oil is currently trading at 5572, which is 91 points higher. The trading range has been 5603 to 5479.
On the Natural Gas front the market is limping into the week as shoulder season is fast approaching. In the overnight electronic session the September Natural Gas is currently trading at 2.170, which is 3 cents lower. The trading range has been 2.189 to 2.134.
Have a Great Trading Day!