Happy Columbus Day. The Corn & Ethanol Report
We look to start off the day with World Bank/IMF Annual Meeting. Due to the holiday, no further reports will be released today.
On the corn front, the market is getting ready for tomorrow's Crop Production USDA Supply/Demand and WASDE data. This could get the fundamental factors moving again as we close into winter. In the overnight electronic session, the December corn has been recently trading at 530 ½, which is unchanged. The trading range has been 531 ¼ to 529.
On the ethanol front, as the harvest continues we also have the wrangling in Washington D.C. This market had little news to ignite a rally in the ethanol futures. This market could be a major force in exporting ethanol. How is the current administration taking advantage of it? There were no trades posted in the overnight and no Open Interest.
On the crude oil front, the market is starting to feel the crunch after a stroke of the pen struck down production in Anwar and the Keystone Pipeline. This is not going to work after the cost to U.S. jobs, not to mention energy independence. In the overnight electronic session, the November crude oil has been recently trading at 8085, which is 150 points higher. The trading range has been 8218 to 7955.
On the natural gas front, the market is providing the volatility we can expect to see more of. We must remember that this market is grossly undervalued as we head into winter. The market will wake up eventually. In the overnight electronic session, the November natural gas has been recently trading at 5.371, which is 0.194 lower. The trading range has been 5.799 to 5.308.
Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...
more