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We look to start off the day with Total Vehicle Sales (Nov), MBA Mortgage Market Index (Dec. 3), MBA Mortgage Applications (Dec. 3), MBA Mortgage Refinance Index (Dec. 3), and MBA 30-Year Mortgage Rate (Dec. 3) at 6:00 A.M. 

Onwards, there is JOLT’s Job Openings (October) and JOLT’s Job Quits (October) at 9:00 A.M., EIA Energy Stocks at 9:30 A.M., 10-Year Note Auction at 12:00 P.M., and Dairy Product Sales at 2:00 P.M.

On the corn front, the futures ended up higher in yesterday’s action. AGWEB reported that spreads in corn may suggest that corn is undervalued and needs to trade at around $6. Usually, the corn market at this time of year is in a carry market, meaning futures values are higher in later months versus the current months.

There is incentive for those with storage capacity to hold grain for later use. In the overnight electronic session, the March Corn has been recently seen trading at 584 ¾, which is 1 ½ of a cent lower. The trading range has been 585 ¼ to 584 ½.

On the ethanol front, the market pushed corn higher after the EPA released ethanol mandates. There is also talk the EPA may reject a significant number of refinery waivers, and the USDA will announce $100 million for biofuel infrastructure aid. There is currently zero open interest in ethanol futures.

On the crude oil front, the API data showed draws in crude -3.089 million with builds in Cushing, Oklahoma at +2.395 million, as well as builds in gasoline at +3.705 million and distillates at +1.1.228 million. We will see if the EIA data is in the same ballpark soon. In the overnight electronic session, the January crude oil has been recently seen trading at 7217, which is 1`2 points higher. The trading range has been 7279 to 7091.

On the natural gas front, we have had shrinking natural gas prices which could be a sign of hope for household winter heating bills. But the futures changed gears in last night's action. In the overnight electronic session, the January natural gas has been seen recently trading at 3.862, which is 0.154 higher. The trading range has been 3.931 to 3.723.