Corn carryover conundrum

Talking to sources and farmers alike it looks like we saw some holding back on corn to induce higher prices and with a record crop anticipated and a lot more carryover we may see due to farmers planting

More Corn for the Ethanol Mandate which drove prices to high levels. Now looking at a record crop this squashed higher prices and we may not see that for some time. Today is First Notice Day for September grain contracts so we are switching our focus to the December. In the overnight electronic session the contract is currently trading at 368 ¼ which is 1 cent lower. The trading range has been 369 to 367 ½ so far.

On the Ethanol (CBOT:ZKV14) front there were no trades posted last night. The October contract settled at 2.023 and is showing 4 bids @ 2.023 and 1 offer @ 2.038.

On the natural gas (NYMEX:NGV14) front Cristobal is a distant memory and no longer a threat. There are two other Disturbances we are monitoring, one in the central Caribbean Sea and another tropical wave near the West coast of Africa. In the overnight electronic session the October contract is currently trading at 4.021 which is .023 cents lower. The trading range has been 4.068 to 4.020 so far.

On the crude oil (NYMEX:CLV14) front we may see a temporary bottom as fears in the Ukraine increase as we head into the long Labor Day weekend and trading more risk on as we our weary of ant disruption in the flow of Oil. In the overnight electronic session the October contract is currently trading at 9485 which is 30 points higher at this writing. The trading range has been 9515 to 9448 so far.

Have a Great Trading Day and a Safe Labor Day Weekend!

 
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