No Where To Run
With plenty of rains and cooler temperatures on the horizon, which should slow harvest. So far we have not seen any frost or frost damage that could light some sort of rally and at the moment the market cannot find a reason to rally. In the overnight electronic session the December Corn is currently trading at 345, which is a ½ of a cent lower. The trading range has been 346 ½ to 344 ¼.
On the Ethanol front there were no trades posted in the overnight electronic session. The November contract settled at 1.386 and is currently showing 1 bid @ 1.390 and 3 offers @ 1.403 with Open Interest at 702 contracts.
On the Crude Oil and Natural Gas front Friday’s Baker Hughes rig count was down 15 and shows some support to the markets. And the market is also watching events unfold with Saudi Aramco if it does indeed go public or finding the highest suitor or suitors with China showing a lot of interest. In the overnight electronic session the December Crude Oil is currently trading at 5206, which is 22 points higher. The trading range has been 5230 to 5174.
More on the Natural Gas with cooler temperatures and Friday’s rig counts has the market moving higher. In the overnight electronic session the November Natural Gas is currently trading at 3.000, which is 8 ½ cents higher. The trading range has been 3.017 to 2.953.
Have a Great Trading Day!