More Earnings On Tap
Good Morning!
After a lower close in Asian and European markets we are taking heat in our markets this morning with the Turkish pall over the market. Maybe if they release the American Pastor Andrew Brunson being held under house arrest and travel ban we could see a rally with several reports: Business Inventories and Retail Sales at 7:30 A.M., Capacity Utilization and Industrial Production at 8:15 A.M, EIA Energy Stocks at 9:30 A.M., NOPA Crush at 11:00 A.M. and Dairy Product Sales at 2:00 P.M. Macy’s (NYSE:M) will be the big name in earnings today. On the Corn front were trading lower with the rest of the Grain complex. In the overnight electronic session the September Corn is currently trading at 359 ¼, which is 3 cents lower. The trading range has been 362 ¾ to 359.
On the Ethanol front the September contract is currently trading at 1.360 which is .009 lower. The trading range has been 1.374 to 1.360. 5 contracts traded and the market is currently showing 1 bid @ 1.356 and 1 offer @ 1.364 with Open Interest at 1,201 contracts.
On the Crude Oil front, last night’s API showed Crude builds of 3.66 million barrels while Gasoline stocks showed draws of 1.56 million barrels, Distillates had builds of 1.94 million barrels and Cushing showed builds of 1.64 million barrels. In the overnight electronic session the market is looking heavy with the September contract trading at 6639 which is 65 points lower. The trading range has been 6690 to 6602.
On the Natural Gas front we are weak as well with a higher U.S. dollar and weaker Stock market. In the overnight electronic session the September contract is currently trading at 2.934 which is 2 ½ cents lower. The trading range has been 2.959 to 2.930.
Have a Great Trading Day!