Today’s reports are MBA Mortgage Rate came in at 3.99% vs. previous 4.02%, MBA Mortgage Applications came in 8.1% vs. previous -10.1%, ADP Employment Change at 7:15 A.M., FED Harker Speech at 8:00 A.M., ISM New York at 8:45 A.M., EIA Energy Stocks at 9:30 A.M., FED Harker Speech at 8:00 A.M., ISM New York Index at 8:45 A.M., EIA Energy Stocks at 9:30 A.M., FED Williams Speech at 9:50 A.M. and Dairy Product Sales at 2:00 P.M. We expect a 30-degree drop in temperatures in the upper Mid-West with flooding and rains that will not be conducive for drying of the fields for harvest. Meanwhile, we have a heatwave from Mid-to-Southern Illinois stretching to the Ohio Valley to the eastern seaboard and heating from New York to the Florida Panhandle. Corn futures settled on the highs in yesterday’s open out-cry session with the December Corn settling at 392 ½, which is 4 ½ cents higher. Traders may be looking at the dry conditions from Indiana and Southern (NYSE:SO) Illinois to the East as the market is taking a beating in the overnight electronic session with the December contract currently trading at 388 ¾, which is 3 ¾ cents lower. The trading range has been 391 ¾ to 388 ¾. The Stocks report showed a very tight carryover and wet weather is only going to harm the crop further. Will farmers have a chance to harvest further before an early frost? The December Corn needs a close above 402 to get the technicians back into bullish play.
On the Ethanol front, there were no trades posted in the overnight electronic session. With poor Ethanol plant margins, plants idling production and continued talks about small refinery exemptions continue to keep investors and traders at bay. The November contract settled at 1.448 and is currently showing 1 bid @ 1.426 and 1 offer @ 1.449 with Open Interest at 407 contracts.
On the Crude Oil front, the Yemen Saudi partial cease fire was fake news with A’-Jubeir quoted, The Kingdom has not and will not talk about Yemen with the Iranian regime. Last night’s API Energy Stocks showed draws in Crude of 5.92 mln barrels, Cushing had builds of 300 thousand, Gasoline had builds of 2.2 mln barrels and Distillates had draws of 1.74 mln barrels. In the overnight electronic session the November Crude Oil is currently trading at 5397 which is 35 points higher. The trading range has been 5442 to 5357.
On the Natural Gas front, the weather phenom has traders wondering if this could be a buy or sell in shoulder season. In the overnight electronic session the November Natural Gas is currently trading at 2.293, which is 1 cent higher. The trading range has been 2.304 to 2.266.
Have a Great Trading Day!
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