Recent weather and cheap prices has become attractive to new buyers.
The wheat (CBOT:ZWU14) market has led the way with overall global demand versus global supplies have raised an eyebrow that became the shot in the arm the Grain complex needed to rally. In the overnight electronic session the September corn (CBOT:ZCU14) is currently trading at 363 ¾ which is 1 ½ cent higher/ the trading range has been 364 ¾ to 361 ¼ so far.
On the Ethanol (CBOT:FZU14) front there were no trades posted last night. The September contract settled at 2.151 and is showing 1 bid @ 2.145 and 5 offers @ 2.165.
On the crude oil front the prices are easing a bit after yesterday's bottoming bounce. The spike was due to refinery issues, bullish weekly inventories and fears of disruption in movement of product with geo-political concerns. In the overnight electronic session the September contract is currently trading at 9362 which is 34 points lower at this writing. The trading range has been 9404 to 9359 so far. We may see some short covering as we head into the open out-cry close.
On the Natural Gas front we are watching the Disturbance in the Atlantic which the National Hurricane Center is forecasting has a 60% chance of becoming a Tropical Depression and could threaten the gulf region. In the overnight electronic session the September contract is currently trading at 3.868 which is down .021 cents. The trading range has been 3.893 to 3.850 so far. Look for buyers coming to the table for the weekend storm chances.