Photo by Waldemar on Unsplash

We kickoff the day with Fed Harker Speech at 8:00 A.M., Fed Mester Speech at 11:15 A.M., Baker Hughes Oil & Total Rig Count at 12:00 P.M., Cattle on Feed at 2:00 P.M., Financial Stability Report and Monthly Budget Statement at 3:00 P.M.

On the Corn Front US prices are now focused on Sunday’s Argentine presidential election and the growing geopolitical tensions impacting the Mideast due to the ongoing Hamas war against Israel. Funds are starting to look at raw material markets as a hedge against both wars! Ag Resources reports! This is the first time that two regional wars have occurred across the world since the 1940’s – the World War II ERA!

And fears the war will spread… the action in market is showing traders concerns that the horse has already left the barn. With the weekend upon us the world will be watching. Another sign of crisis (one of many) there has been a surge in open interest in CBOT agricultural products, add that up with high energy prices. In the overnight electronic session the December corn is currently trading at 506 ½ which is 1 ½ of a cent higher. The trading range has been 508 to 502 ½.

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