The December Corn is trading at 382 in the electronic session which is up 4 cents at this writing.The trading range has been 383 to 376.With weekend rains behind us and assessment of damage is giving the market strength we look ahead for hot temperatures and rains forecasted Wednesday and after a week in the upper 80's we should have cooling down effect next week.I still anticipate choppy to higher trade.
On the Energy Front the geo-political scene remains the same. While BP announces huge losses the Obama administration got the sacrificial lamb it was looking for in the ouster of Tony Hayward.Bill Dudley has been given the keys to the car and it's time we move forward and not penalize Free Enterprise but embrace it. There is plenty of blame to go around Mr. President!
Look in the mirror if you can!Our British allies are quietly angered at the administrations part in the handling of this crisis. The September Crude Oil is trading at 7923 which is up 25 points.The trading range has been 7948to 7873. Once again I cannot see the justification of prices this high with the current glut of product in tiller.Not to mention huge unemployment numbers and a horrible economy in general.
Have a Great Trading Day!
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