Corn Higher, Oil Lower, NatGas Trading On Weather Patterns
Dan Flynn | Sep 08, 2015 08:44AM ET
This will be my first and last report this week and I will return next Monday.
In the overnight electronic session the September Corn contract is currently trading at 354 which is 4 ½ cents higher. The trading range has been 354 ¾ to 353 so far. Seems to be a strong market early as we head into harvest and investors may be looking at yields or a reason for farmers to sell premium.
On the Ethanol front there were no trades posted in the overnight electronic session. The October contract settled at 1.454 and is showing 1 bid @ 1.436 and 1 offer @ 1.455 so far.
On the Crude Oil front we are trading lower with weaker China imports down 13.4% or 6.29 million barrels per day. Say what you want to say even with a slowdown, China's economy is still moving. Another bullish factor is the closure of the largest crude distillation unit at Exxon Mobil's (NYSE:XOM) 502,500 barrels per day refinery in Baton Rouge, Louisiana. In the overnight electronic session October Crude Oil is currently trading at 4530 which is 75 points lower at this writing. The trading range has been 4594 to 4414 so far. The stock market is flying and the dollar is lower which could infuse a hot rally.
On the Natural Gas front the October contract is currently trading at 2.684 which is .029 cents higher in the overnight electronic session. The trading range has been 2.702 to 2.641 so far which is mainly trading on weather patterns.
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