Iran showed once again that is not a good boxer as the amphibious assault ship downed an Iranian drone after several warnings to change course or suffer the consequences. And they left the U.S. with no choice. They will continue their bad behavior writing checks that they cannot cash. Iran’s armed forces denied the event ever took place and called President Trumps assertion “baseless and delusional”. He only delusional factor is a chicken sh*t terrorist country provoking the Free World and Free Commerce. And if they keep it up the Free World will make quick work on them once and for all.
On the Corn front the Grains continue to trade directionless ignoring basic fundamentals while weather will be a hot issue, (no pun intended), While the heatwave will blanket the lower 48 and most likely will stress crops even further. In the overnight electronic session the December Corn is currently trading at 431 ½, which is 1 ¾ of a cent higher. The trading range has been 428 ½ to 423 ¾.
On the Ethanol front there were no trades posted in the overnight electronic session . The August contract settled at 1.447 and the market is currently showing 1 bid @ 1.446 and 1 offer @ 1.456 with Open Interest at 609 contracts.
On the Crude Oil front we had the boomerang effect as investors did not read through the Iranian disguise as offering an olive branch and expected sanctions to be lifted and put more Oil on the market only to see Tehran show it’s true colors continuing their dangerous and provocative moves. And the market psychology went back to risk on premium. In the overnight electronic session the August Crude Oil is currently trading at 5568, which is 38 points higher. The trading range has been 5636 to 5562.
On the Natural Gas front the market seems to be trading on demand destruction from Hurricane Barry despite the heatwave that is forecasted to be around for a while. In the overnight electronic session the August Natural Gas is currently trading at 2.284, which is .003 lower. The trading range has been 2.300 to 2.277.
Have a Great Trading Day!
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