We kickoff this October Monday morning with Export Inspections at 10:00 A.M., 3 & 6 month Bill Auction at 10:30 A.M., FED Bowman Speech at 10:40 A.M. Monthly Budget Statement at 1:00 P.M. and Crop Progress at 3:00 P.M. On the Corn front, the market seems to refuse testing the $4 psychological resistance. We will see this market go through $4 no matter how the algorithms hit it. Basic Fundamentals will take over Technicals if people are starving. And it will be a matter of time when this contract will reach Fair Market Value. In the overnight electronic session the December Corn is currently trading at 389 ½ which is 1 ½ of a cent lower. The trading range has been 3932/4 to 388 ½.
On the Ethanol front, there are still battle lines to be drawn on our nations biofuel policy. The Environmental Protection Agency (EPA), never protected anyone let alone in the difference between Big Oil and Big Farmers. At least, we have administration trying to find a happy medium. And I look at how Solar Power help the state of California during the wildfires. It looks to me with TAXATION WITHOUT REPRESENTION! Oh Gosh, silly me, that’s in the Constitution. In the overnight electronic session the November Ethanol is currently trading at 1.437 which is unchanged. The trading range has been 1.447 to 1.417. The market is currently showing 1 bid @ 1.437 and 1 offer @ 1.445 with 16 contracts treaded and Open Interest at 267 contracts.
Have a Great Trading Day!