We jump-start the day with Initial Jobless Claims and Producer Price Index at 7:30 A.M., EIA Gas Storage at 9:30 A.M, EIA Energy Stocks at 10:00 A.M., Crop Production USDA Supply/Demand at 11:00 A.M. and Dairy Product Sales at 2:00 P.M. The Grain complex is trading a tad higher in the overnight electronic session with Soybeans and Soybean Oil leading the way in today’s report data. In the overnight electronic session the December Corn is currently trading at 346 ¼ which is a ¼ of a cent higher. The trading range has been 347 to 345 ¾. Weather still could rear its ugly face with crazy weather in the lower 48 with fires raging in California and rains developing in parts of the Plains, Midwest and eastern seaboard while the southeast is getting soaked.
On the Ethanol front by 2020 The Chinese government will have all vehicles running solely on Ethanol which should boost exports. In the overnight electronic session the November contract posted a trade at 1.418 which is .007 of a cent lower. 1 contract traded and the market is currently showing 1 bid @ 1.413 and 1 offer @ 1.418 with Open Interest at 1.010 contracts.
On the Crude Oil front last night’s API showed builds across the board with Crude stocks up 3.097 million barrels, Gasoline 1.575 million, Distillates 2.029 million and Cushing 1.216 million. The EIA will be released at 10:00 A.M to confirm these numbers. The real reason for the selloff was due to the International Energy Agency (IEA) reporting demand is going to decrease with sluggish growth that I do not see in the U.S., Europe and Emerging Markets. In the overnight electronic session the November Crude Oil is currently trading at 5060 which is 70 points lower. The trading range has been 5113 to 5045.
On the Natural Gas front were trading higher this morning heading into today’s EIA Gas Storage data and the Thomson Reuters poll of 24 participants expect injection builds ranging from 68 bcf to 91 bcf with a median build of 83 bcf with the whisper number of 82 bcf. Anything below will be bullish. In the overnight electronic session the November contract is currently trading at 2.919 which is 3 cents higher. The trading range has been 2.922 to 2.895.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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