We started off the day with NY Empire Stat Manufacturing Index at 7:30 A.M., NAHB Housing Market Index (Aug) at 9:00 A.M., Export Inspections at 10:00 A.M., 3-Month and 6-Month Bill at 10:30 A.M., Crop Progress, Overall Net Capital Flows (Jun), Foreign Bond Investment (Jun) and Net Long-Term Tic Flows at 3:00 P.M.

On the Corn Front Iowa Agriculture Secretary Mike Naig said 14 million acres were in the path of last week’s derecho storm, his numbers had about 3.57 millions of acres of corn and 2.5 million of acres of soybeans taking the brunt of punishing winds and driving rains in a 36 county area. This devastation also lost tens of millions of bushels in storage just weeks before harvest begins. This was a big body blow to the agricultural community that is still recovering from the pandemic. In the overnight electronic session the December corn is currently trading at 341 ½ which is 3 ½ cents higher. The trading range has been 342 to 340.

On the Ethanol front Erin Vogele with Ethanol Producer Magazine reported that the New York Power Authority announced back on July 28^th that it’s board of trustees approved a 700-Kilowatt (kw) hydropower allocation to Western New York Energy to support the creation of 10 jobsand $17.5 million in capital investments. According to the NYPA, the 10-year power allocation is in support the construction of an 8,000-square-foot addition to it’s consisting facility in Medina that produces technical-and beverage-grade ethanol. The company would also be making significant machinery and equipment purchases as part of the expansion project. This is just another sign of American Inginuity that when faced with a crisis, we will figure a way out of it. There were no trades posted in the overnight electronic session. The September ethanol settled at 1.280 and is currently showing 1 bid @ 1.280 and 1 offer @ 1.300 with Open Interest dropping to 62 contracts.

On the Crude Oil front prices are holding steady after last weeks draws on inventories. China had planned large shipments of U.S. crude but with rising tensions between the two super powers that has been delayed as the review of the Trade Pact signed in January has also been delayed.We may not see any movement until after the November election. In the overnight electronic session the September crude oil is currently trading at 4194 which is 7 tics lower. The trading range has been 4347 to 4280.

On the Natural Gas front this market is off to a slow start like the crude oil. Pandemic fears of hot-spots across the globe resurface giving traders jitters of more demand destruction which is keeping the bulls at bay.

In the overnight electronic session the September natural gas is currently trading at 2.372 which .016 higher. The trading range has been 2.396 to 2.320.