The December Corn is trading at 395 ¾ which is up ½ of a cent in the overnight electronic trading session. The trading range has been 397 ½ to 392 ½. Weather remains the key here with warm temps across the Plains and Mid-West could stress the crop and keep bulls on the prowl. I do anticipate a psychlogical surge to test $4 and reach a new plateau. Stay Tuned!
On the Energy Front the August Crude Oil is trading at 7600 which is 9 tics lower at this writing. The range has been 7643 to 7528. Stocks are coming in lower and the dollar higher which is slowing down buying in this market. I continue to believe we are overpriced in this complex and anticipate a break to the downside soon. We may run into a little flak with the weekly inventory numbers that should show a minor disruption of supply due to the Tropical Storms in the Gulf. It might be possible the market already priced this slowdown of supply. I remain bearish in the Energy Complex. Other news that BP is optomistic that the latest New Oil Cap should be able to capture the leaking oil. Let's hope their enthusiasm is right on track!
Have a Great Trading Day!
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