Plenty of Reports This Week to Start Month
Good Morning!
This morning we start out with Construction Spending and ISM Manufacturing Index at 9:00 A.M. followed by weekly Export Inspections at 10-:00 A.M. In the afternoon we Fats & Oils and Grain Crushing’s at 2:00 P.M. and weekly Crop Progress at 3:00 P.M. On the corn front we are trading easier with some rains and the heat over the weekend. In the overnight electronic session the September Corn is currently trading at 331, which is 3 ½ cents lower. The trading range has been 333 ¾ to 330 ½. The Grain complex still has weather dominating the big picture as funds could really step on the accelerator and drive this market wither way in the next week and a half.
On the ethanol front there were no trades posted in the August contract while the September contract posted a trade at 1.418, which is unchanged. The August contract is nearing expiration and settled at 1.427 and is currently showing 1 bid @ 1.386 and 2 offers @ 1.468 in which the bid is truer to fair value.
On the crude oil front we hit a low of 4057 in Friday’s action, which has not been seen since April 18 as refineries were gearing up supplies for the summer driving season. In the overnight electronic session the September crude oil is currently trading at 4122, which is 39 points lower. The trading range has been 4188 to 4088. Reports on the state of the economy this week coupled with earnings could sway this market to even higher prices.
On the natural gas front we had quite the rally last week. Again weather, Friday’s Rig Counts and Thursday’s EIA gas storage should give this market even longer legs. In the overnight electronic session the September contract is currently trading at 2.849, which is .027 of a cent lower. The trading range has been 2.857 to 2.829.