Tropical Storm Peter is moving west at 10 knots, the storm is located a couple of hundred miles west of Cuba. The cone has it moving northwest back out in the Atlantic. Tropical Storm Rose off the coast of Africa moving northwest at 17 knots. The cone has it hitting the African coastline. Disturbance 1 remnants of Odette, located 700 miles west-northwest of the Azores with a low percentage of formation in the coming days. Disturbance 1 we are watching closely. It is located about 700 miles west of the Cabo Verde Islands. Conditions are expected to be conducive for development, it is moving westward at 10 to 15 mph. with a 90% chance of formation in the next 5-days.

Image by Couleur from Pixabay

On the corn front, the USDA said 10% of the U.S. corn crop has been picked above the 5-year average. Crop Progress was gained versus a week ago. 93% of the crop is in dent stage versus the 5-year average of 89% and 57% of the crop is mature versus 47% 5-year average. 59% was marked good to excellent versus the five-year average of 58%. In the overnight electronic session, the December corn is currently trading at 519 which is 2 ¾ cents lower. The trading range has been 522 ¾ to 516 ½.

On the ethanol front, India’s ethanol consumption is going to increase in the next few years with the government’s desire to support the sugar sector. They expect to meet the E20 target and also targeting motor fuel blending of E10 by 2022. Still mighty quiet on the ethanol futures contracts.

On the crude oil front, it is the last trading day for the October contract. We are having a turnaround Tuesday after China’s biggest real estate developer may default and the market dropped like the stock market. Just another fear like the Covid crisis is all we need. In the overnight electronic session, the November crude oil is currently trading at 7084 which is 70 points higher. The trading range has been 7148 to 7036. API’s at 3:30 P.M.

On the natural gas front, the UAE welcomes regional rivals to a major natural gas conference. Officials from Qatar and Turkey along with hundreds of executives descended on Dubai for the world’s largest Gas Expo and the industry’s first in-person conference since the pandemic began. This would have been unthinkable a year ago. The rest of the world is realizing this is the market of the future. Come on Joe get your energy policy straightened out. In the overnight electronic session, the November natural gas is currently trading at 4.937 which is .048 lower. The trading range has been 5.046 to 4.853.