We started off the day with MBA Mortgage Applications (15/Oct) and MBA 30-Year Mortgage Rate (15/Oct) at 6:00 A.M., EIA Energy Stocks at 9:30 A.M., Fed Evans Speech at 10:00 A.M., Fed Quarles Speech and 20-Year Bond Auction at 12:00 P.M. and Dairy Product Sales at 2:00 P.M.

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On the Corn Front, we are moving swiftly in harvest. Iowa is nearly twice as high as the states average. The USDA also reported 97% of the crop is mature vs. the 93% five-year average. Total harvest is pegged at 52% complete vs. the 41% five-year average. There is a frost expected tonight and possibly Friday that could slow down the harvest moving like a juggernaut. In the overnight electronic session, the December corn is currently trading at 534 ¾ which is 4 ½ cents higher. The trading range has been 534 ¾ to 528 ½.

On the Ethanol Front, European producer Crop Energies reports that they are participating in the E20 trial and reports record 2^nd Quarter revenue. While the Department of Energy (DOE) announced last week it will fund four projects working to accelerate the regional deployment of carbon capture utilization, and storage (CCUS). The ethanol futures remain dead in the water and that is hard to understand.

On the Crude Oil Front, it is the Last Trading Day on the November contract. Last night’s APIs came out as no surprise as we had draws across the board. Get used to it going into the winter months. As the energy policy or lack of one with this administration will see prices take off like a rocket. Getting back to the API numbers Crude was -3.3M, Cushing -2.5M, gasoline -3.5M and distillates -3.0M. In the overnight electronic session, the December crude oil is currently trading at 8156 which is 88 points lower. The trading range has been 8260 to 8136.

On the Natural Gas Front, we can expect higher prices and shortages as well. We are trading lower because of a weak stock market and a higher U.S. dollar. Also expect higher prices in heating oil and natural gas this winter with the government disrupting pipelines for no apparent reason, while Russia could catch off the spigot to Europe anytime on a whim. They have been holding back already and this could get bad. In the overnight electronic session, the November natural gas is currently trading at 4.981 which is 0.107 lower. The trading range has been 5.091 to 4.971.