We start off the day with Unemployment at 7:30 A.M., Market Composite and Services PMI (AUG) at 8:45 A.M., ISM Non-Manufacturing (Aug), ISM Market Manufacturing Business Activity, ISM Non-Manufacturing New Orders and Employment at 9:00 A.M. and Baker Hughes Oil and Total Rig Count at 12:00 P.M.
On the Corn Front post hurricane fears weigh on the market. The more we try to speed up the recovery process and the more we learn we know this is not going to be fast. It is anybody’s call of how long shipping will be disrupted. After next Fridays USDA reports we may get a positive reaction. In the overnight electronic session, the December Corn is currently trading at 522 which is 31/2 cents higher. The trading range has been 524 ¾ to 520.
On the Ethanol Front the industry barely survived the COVID-19 stay-at-home which devastated demand. The recovery from that blow they were handled down harsh court decisions. We will see how this ends but the fight against regulation continues. There were no trades in last night’s action.
On the Crude Oil Front the market finally realized that we should be more concerned about demand and shortages. With all the work cut out for first responders coming to aid from all over the country bringing aid and equipment. Phillips 66 said they would be down for at least 3-weeks. Other energy companies have huge repairs as well and the market took notice yesterday and we have a little follow through this morning. In the overnight electronic session, the October crude oil is currently trading at 7023 which is 24 points higher.
On the Natural Gas Front this market really took notice and a bullish EIA Gas Storage of an injection number at 20 bcf the market rallied more. Whatever path Ida crossed that community would need help and that will take a lot of energy to do so. The natural gas led the way in the energy complex and could play follow the leader with crude oil prices. In the overnight electronic session, the October natural gas is currently trading at 4.696 which is .055 higher. The trading range has been 4704 to 4.586.
Have A Great Trading Day!
Happy Labor Day!
Dan Flynn -