Corn Futures Turn Down

in #money7 years ago

We start the day with a higher U.S. dollar and we will have Consumer Confidence and New Home Sales at 9:00 A.M. and API Energy Stocks at 3:30 P.M. On the Corn front the market key is now the weather and harvest with rains and cooler temperatures forecasted. Rains in Brazil are slowing plantings. But back to the U.S. market depending on what weather forecast you believe in we could see activity pick up in this harvest season. Yesterday’s Crop Progress showed Corn harvest at 14% complete, according to the average estimates from 10 analyst polled by Reuters. In the overnight electronic session the December contract is currently trading at 353, which ¾ of a cent lower. The trading range has been 354 ¼ to 352 ¼.
On the Ethanol front we are seeing record output and the market is taking notice to the demand with the November contract currently trading at 1.520, which is 2 ½ cents higher. The trading range has been 1.556 to 1.486.
On the Crude Oil front we are looking a little overbought, and with a higher U.S. dollar adding to the pressure. Also Janet Yellen will be speaking in Cleveland, Ohio and the API Energy Stocks at 3:30 P.M. could be a game changer to the overbought technical reading. In the overnight electronic session the November Crude Oil is currently trading at 5184, which is 38 points lower. The trading range has been 5243 to 5179.
On the Natural Gas front the October contract will expire tomorrow. The market is trading higher with air-conditioners working overtime. In the overnight electronic session the November contract is currently trading at 3.013, which is 2 ½ cents higher. The trading range has been 3.025 to 2.990.
Have a Great Trading Day!

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