G7 Meeting In France, Bank Holiday In UK
Good Morning!
We kickoff the day with advance Durable Goods at 7:30 A.M., Export Inspections at 10:00 A.M. and Crop progress at 3:00 P.M. The Pro Farmer Tour showed investors that despite Corn sales being weak we also have a dismal crop that traders know wont be replenished anytime soon after being spoiled with huge carryovers. And sellers cannot bank on continued cyclical selloffs. Nothing is guaranteed! Just ask the U.S. Farmer. In the overnight electronic session the December Corn is currently trading at 368, which is a ¼ of a cent higher. The trading range has been 371 ¼ to 366 ¼.
On the Corn front there are a whole lot of moves and shakes going on even outside the G-7 Meeting. The Trump Administration is considering ramping up biofuel blending quotas and electrified the Ethanol Futures market. In the overnight electronic session the September, October and November contracts showed activity. The October contract is currently treading at 1.340, which is .020 higher. The trading range has been 1.351 to 1.340. The market is currently showing 2 bids @ 1.319 and 1 offer @ 1.337 with 6 contracts traded and Open Interest at 435 contracts.
On the Crude Oil front the market is moving in anticipation the trade war is in the rearview mirror and global economies move forward. In the overnight electronic session the October Crude Oil is currently trading at 5485, which is 68 points higher. The trading range has been 5526 to 5296.
On the Natural Gas front we are getting a spike with hurricane activity in the Atlantic. In the overnight electronic session the September contract is currently trading at 2.207, which is 5 ½ cents higher. The trading range has been 2.228 to 2.159.
Have a Great Trading Day!
Thanks