investing-The commodity prices are doing an about face just like after Janet Yellen’s comments after the Fed decision. Weak European Stocks spilled over in our market, which has weakened commodities.
In the overnight electronic session the December corn is currently trading at 382 ¼ which is 2 ¼ cents lower. The trading range has been 384 ½ to 382 so far. Harvest pressure could come into play and further weaken prices at this point.
On the Ethanol front there were no trades posted in the overnight electronic session. The October contract settled at 1.567 and is currently showing 1 bid @ 1.563 and 1 offer @ 1.595.
On the crude oil front we are seeing a retreat in prices early with demand concerns with China weighing in on the market. Tonight’s API data could show the big drop in production and could produce a rally. In the overnight electronic session the November Crude Oil is currently trading at 4569 which is 127 points lower. The trading range has been 4674 to 4558 so far.
On the natural gas front prices seem stable in this shoulder season with the October contract currently trading at 2.591 which is .018 of a cent higher in the overnight electronic session. The trading range has been 2.593 to 2.562 so far.
Have a Great Trading Day!