We started off this busy report day with MBA Mortgage Index (19/Nov), MBA Mortgage Refinance Index (19/Nov), MBA Purchase Index (19/Nov), MBA Mortgage Applications(19/Nov), and MBA Mortgage Rate at 6:00 A.M., Durable Goods Orders MoM (Oct), Retail Inventories Ex Autos MoM Adv (Oct), Wholesale Inventories MoM Adv (Oct), Goods Trade Balance Adv (Oct), Initial Jobless Claims (20/Nov), Jobless Claims 4-Week Average (Nov/19), Corporate Profits QoQ Prel Q3, Durable Goods Orders Ex Transportation MoM (Oct), GDP Price Index QoQ 2^nd Erst Q3, GDP Growth Rate QoQ 2^nd Est Q3, GDP Sales QoQ 2^nd Est Q3, Continuing Jobless Claims (13/Nov),Core PCE Prices QoQ 2^nd Est Q3, Non-Defense Goods Orders Ex Air (Oct) at 7:30 A.m., Personal Income MoM (Oct) Personal Spending Mom (Oct), New Home Sales (Oct), new Home Sales MoM (Oct), PCE Price Index MoM & YoY (Oct), Michigan 5-Year Inflation Expectations Final (Nov),Michigan Consumer Expectations Final (Nov), Michigan Current Conditions Final (Nov),Michigan Inflation Expectations at 9:00 A.M., EIA Energy Stocks at 9:30 A.M., 4-Week & 8-Week Bill Auction at 10:30 A.M., EIA Gas Storage at 11:00 A.M., Baker Hughes Oil and total Rig count at 12:00 P.M., FOMC Minutes at 1:00 P.M., and Dairy Product Sales at 2:00 P.M.

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On the Corn front, the December contract took out 580 and is now shooting for 586. Funds continue to buy as U.S. corn basis is firm as harvest draws to a close. In the overnight electronic session the December corn is currently trading at 583 ½ which is 3 cents higher. The trading range has been 584 ¾ to 579.

On the Ethanol front, margins remain positive but the futures still do not have any Open Interest.

On the Crude Oil front, another dismal decision in the administrations energy policy. By releasing the Strategic Petroleum Reserve (SPR) unlike it is advertised will may not even be a short-term fix and in the long-term it will be inflationary and add in paying higher taxes. WOW! With this economy it is a taxing time to throw that at the consumer. In the overnight electronic session the January crude oil is currently trading at 7831 which is 19 lower. The trading range has been 7923 to 7802.

On the Natural gas front, this volley for serve market is coming in higher this morning with a little follow-through from yesterday’s action. The Thomson Reuters poll with 13 analyst participating estimate withdrawals ranging from 31 bcf to 16 bcf with the median 22 bcf. This compares to the one-year withdrawal of 4 bcf and the five-year average withdrawal of 31 bcf. In the overnight electronic session the December natural gas is currently trading at 5.041 which is .074 higher. The trading range has been 5.062 to 4.880.