Good Morning!
It is as if they just can’t seem to light a fire. Any type of bullish news investors think of buying value is met with stiff resistance. Investors concerned with yields or lack thereof are reminded that the carryover from last year is ruling the bearish overtones and defeating the bulls. In the overnight electronic session the September Corn is currently trading at 349, which are 3 cents lower. The trading range has been 350 ¾ to 348 ½.
On the Ethanol front there were no trades posted in the overnight electronic session. As the September contract moves closer to expiration and Open Interest down to 252 contracts we will move our focus to the October contract, which settled at 1.486 and is currently showing 1 bid @ 1.480 and 1 offer @ 1.521 with Open Interest at 827 contracts.
On the Crude Oil front we have three Tropical Storms to deal with waiting to see where landfall will be and keeping investors on their toes judging where they will hit. Remnants of Tropical Storm Harvey could make landfall from Nicaragua, Belize, Honduras and the Yucatan Peninsula. Harvey could reform and change paths and hit Brownsville, Texas. Further disrupting shipping lanes. The September contract expires tomorrow so the shift is to the October contract, which is currently trading at 4852, which is 14 points lower in the overnight electronic session. The trading range has been 4891 to 4844. All eyes will be on the eclipse and storm activity near the Gulf of Mexico.
On the Natural Gas front it is the same old story as the Crude Oil as investors monitor the path of the Tropical Storms that threaten Refinery Row and all but certain disrupt shipping lanes and maybe refineries. In the overnight electronic session the September Natural Gas is currently trading at 2.883, which is 1 cent lower. The trading range has been 2.943 to 2.877.
Have a Great Trading Day