Starting at 7:30 A.M. we Have the NY Empire State Manufacturing Index, FES Williams speech at 7:50 A.M. followed by the 3-month and 6-month Bill Auction at 10:00 A.M., NOPA Crush at 11:00 A.M. and Crop Progress at 3:00 P.M. On the Corn front we have rains moving north in the slow moving Tropical Storm Barry. The question is, how much more damage can we expect the Grains to take? In the overnight electronic session the December Corn did a retreat from their highs earlier in the session. The December Corn is currently trading at 457, which is 2 ¼ cents lower. The trading range has been 464 ¾ to 455 ¼.
On the Ethanol front in the overnight electronic session we are seeing support backing off with Tropical Storm Barry adding support to the Energies and Grains. The market is currently backing off as I write with the August contract now trading at 1.594, which is unchanged. The trading range has been 1.602 to 1.594. The market is currently showing 1 bid @ 1.586 and 2 offers @ 1.594. 19 contracts traded and Open Interest is at 686 contracts.
On the Crude Oil front, oil production was 3/4% shutdown in the Gulf of Mexico. However, Exxon (NYSE:XOM) and other majors are restarting production as I write so hopefully the premium at the gas pump will be nominal and short-lived. We still have to consider the risks and insurance premiums cost hiking for vessels shipping through the Straight of Hormuz. In the overnight electronic session the August Crude Oil is currently trading at 6065, which is 44 points higher. The trading range has been 6092 to 5985.
On the Natural Gas front the market is seems to be easing because of production concerns of disruptions are dissipating and the market is selling off from earlier gains made. In the overnight electronic session the August Natural Gas is currently trading at 2.248, which is 2 ½ cents lower. The trading range has been 2.469 to 2.401.
Have a Great Trading Day!
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