We started off the day with Export Sales, Initial Jobless Claims and Philadelphia Fed Manufacturing Index at 7:30 A.M., Fed Waller Speech at 8:00 A.M., Existing Home Sales MoM & YoY (Sep) at 9:00 A.M., EIA Natural Gas Storage at 9:30 A.M. 4-Week and 8-Week Bill Auction at 10:30 A.M. and 5-Year TIPS Auction at 12:00 P.M.

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On the Corn front, we traded higher yesterday near key resistance. The market psychology may be leaning to the fact that we are oversold. We have the best export prices in the world despite the gains in the U.S. dollar. Now if we only had logistics to make it happen. Wait a minute! We Do! Say it ain’t so Joe! Why can’t we unload and load vessels with trucking out and pipelines out of the picture? Let’s see what Export Sales roll out this morning. In the overnight electronic session the December corn is currently trading at 536 ¼ which is 3 cents lower. The trading range has been 540 to 535 ¾.

On the Ethanol front, when we talk about pipelines it also comes into play with this market. Weekly ethanol production is up 6% from last week and 20% from last year. How much longer can prices be financially stable and be attractive overseas when we have a global appetite for product. Again, we have had no trade in the ethanol futures.

On the Crude Oil front, “There they go again,” pipelines gone at the stroke of a pen but domestic and global demands never stops. But the big government assault has passed rearing it’s ugly head and unravel our economy that we built and earned. Not politicians! If we continue to follow this path we will be Venezuela before we knew what hit us. In the overnight electronic session the December crude oil is currently trading at 8300 which is 42 points lower. The trading range has been 8396 to 8261.

On the Natural gas front, we do not have to be redundant on pipelines and cold winter forecast to show a cost efficient and safer way to move product. We have the weekly EIA natural Gas Storage today and the Thomson Reuters weekly poll with 17 analyst participating estimate builds from 80 bcf to 97 bcf with the median injection of 90 bcf. This compares to the one-year build of 32 bcf and the five-year average injection of 62 bcf. In the overnight electronic session the November natural gas is currently trading at 5.059 which is 0.111 lower. The trading range has been 5.195 to 5.025.