More Activity In The Atlantic & Gulf Of Mexico. The Corn & Ethanol Report

We started off the day with Current Account (Q2) at 7:30 A.M., Michigan Current Conditions Prel (SEP), Michigan Inflation Expectations Prel (SEP), Michigan 5-Year Inflation Expectations Prel (SEP), Michigan Consumer Sentiment Prel (SEP), Michigan Consumer Expectations Prel (SEP), CB Leading Index MoM (AUG), and Baker Hughes Oil & Total Rig Count at 12:00 P.M.

On the Hurricane Front Tropical Depression 22 moving slowly over the Gulf of Mexico and is expected to strengthen to a Tropical Storm, and possibly a hurricane. It is moving north-northwest at 5 knots and is a threat to the Mexico, Texas, and Louisiana coastline. Hurricane Teddy is moving northwest at 10 knots. Teddy is expected to produce large sells to affect portions of the Leeward Islands, the Greater Antilles, the Bahamas, Bermuda, and the southeastern United States during the next few days. The current track has it making landfall on the northeastern coastline. And then there is Disturbance 1 which is a few hundred miles southwest of the Cabo Verde Islands which has a 60% chance of Cyclone Formation in the next 48 hours. Disturbance 2 is moving east in the Atlantic and soon move inland over Portugal. Disturbance 3 is post-tropical cyclone Paulette and is located several hundred miles north-northwest of the Azores. It is expected to move south-southwest and redevelop late this weekend or early next week. And another storm is brewing in Africa getting ready to move into the Atlantic.

On the Corn front, the U.S. Department of Agriculture has estimated 550,000 acres of Iowa corn will not be harvested this fall due to the damage caused by the Derecho. The estimate released September 11th places the value of the lost corn crop based on yields and price before the storm around $344 million. Corn prices have gone up due to crop losses and farmers will get more money for the corn they do harvest. Most farmers have crop insurance to cover some of the loss and other federal programs may help. In the overnight electronic session, the December corn is currently trading at 377 which is 1 ¾ of a cent higher. The trading range has been 379 ¼ to 373 ¼.

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