Crude oil futures are still reeling from last week’s massive crude oil build and another jump in U.S. rig counts. It was a double-eight as oil rigs increased by eight and the eighth week in a row that the rig count has risen.
The stock market will have challenges today to make a record 13 straight higher high with President Trump’s first address to Congress. Also, what could pave the way to a correction are the 4th Quarter GDP at 7:30 A.M., Chicago PMI and Consumer Confidence at 9:00. We will also have API Weekly Energy Stocks at 3:30 P.M.
The Fed kept rates in check but Federal Reserve Chair Janet Yellen offered some hawkish comments that rates could be raised at the December FOMC meeting if they deem there is enough economic growth after the election and be a scrooge. We will need fantastic jobs, GDP and manufacturing data for this to be a good move.
In the overnight electronic session the December corn is currently trading at 330-¾ ,which is ¾ of a cent higher. The trading range has been 331-¾ to 329-¼. Weather remains a huge factor as we head further into harvest when we worry about forecasts of frosts and Indian Summer. After Monday’s USDA data we are all talking about yields and exports.
Funds short covering Sunday night was not enough to hold during Monday’s day session as we sold off the highs once again. In the overnight electronic session, May corn is currently trading at 357 ¾ which is 1 ¼ of a cent lower.