Busy News More On First Day Of Autumn
Good Morning!
We have Export Inspections at 10:00 A.M., Cold Storage at 2:00 P.M. and Crop Progress at 3:00 P.M. Iran preps for war and has allegedly released the oil tanker they have been holding, once again giving mixed signals of their intentions. President Trump prepares to visit the U.N. with a long list of foreign policy deals he has yet to close. The Iranian news has had the market bouncing back and forth giving algorithm traders and early field day. Also, stocks are selling off on a bad Manufacturing number out of Germany. The worst in a long time. On the Grain front, the whole complex is trading higher with Soybeans leading the charge due to weekend rains that will slow harvest further. Last week we were about 10% behind already while Brazil is dry and not getting enough moisture in their part of the world. In the overnight electronic session the December Corn is currently trading at 373 ¾, which is 3 cents higher. The trading range has been has been 374 to 371. Another tidbit is the discussions between the U.S. and China negotiations were productive and the United States looks forward to welcoming a delegation for Principal level meetings. President Trump also stressed that the buying of Grain from China was welcome and we took off some tariffs but he wants a complete deal and not a partial one.
This should also be a boon to the Ethanol market. The Indiana Corn Marketing Council (ICMC) joined Premier Energy and Country Mark to celebrate a new fueling station in Brownsville, Indiana which will feature Unleaded 88, which is 15% Ethanol with regular Gasoline and E85 which s 85%, which is 85% Ethanol and 15% Gasoline. There was activity in the first three contract months last night in the Ethanol market as we switch to the November contracts Open Interest has surpassed the October contract. In the overnight electronic session the November Ethanol is currently trading at 1.377, which is .017 higher. The trading range has been 1.377 to 1.355. The market is currently showing 2 bids @ 1.357 and 1 offer @ 1.372 with 3 contracts traded and Open Interest at 238 contracts.
Have a Great Trading Day!
Thanks