We kickoff the day with Redbook at 7:55 A.M., Existing Home Sales and Richmond FED Manufacturing Index at 9:00 A.M., FED Kaplan Speech and 2-Year Note Auction at 12:00 P.M., Monthly Budget Statement at 1:00 P.M., Cold Storage at 2:00 P.M. and wrap it up with API Energy Stocks at 3:30 P.M. The Grains are up with China buying 10 million metric tons of Soybeans and purchases of Pork. This gave the Grain complex a much-needed shot in the arm and it should be an interesting day in the Lean Hog contract. The Corn market is following the Soybeans lead and technically I would like to see the December contract test 397. In the overnight electronic session the December Corn is currently trading at 390 ¾ which is 3 ½ cents higher. The trading range has been 392 ½ to 385.
On the Ethanol front, there were no trades posted in the overnight electronic session. The November contract settled at 1.419 and is showing strength with Corn and Crude Oil prices. The market is currently showing 1 bid @ 1.423 and 1 offer @ 1.455 with Open Interest at 250 contracts.
On the Crude Oil front, we have Last Trading Day on the November contract and API Energy Stocks at 3:30 P.M. Whisper numbers are saying we will see large draws after last week’s large builds. And I anticipate big draws on Diesel, which could keep the complex higher. In the overnight electronic session the December Crude Oil is currently trading at 5391 which is 40 points higher. The trading range has been 5394 to 5323.
On the Natural Gas front, the market is currently trading mid-range. Investors and traders will be following their weather modules very closely as harvest continues. In the overnight electronic session the November contract is currently trading at 2.248. The trading range has been 2.270 to 2.231.
Have a Great Trading Day!