In the overnight electronic session the December Corn is trading at 381 which is up 1 ¾ cents. The range has been 382 to 378 ½. Rains and heat have slowed the volume of new buying however, we remain strong despite the weather. I still remain bullish long-term in this market.
On the Energy Front we range bound selling and buying extremes. A lot of factors had this markets many personalities show themselves. Worries about the storms in the Gulf and the stock market early gains had the Crude rally early.
When the market digested a bad ISM Non-Manufacturing number the stocks sold off and the Energy Complex followed suit. Yesterday basis August Crude we had a sell number at 7332 with a 70 point stop. This trade would have took heat early but would have been very profitable for a day trade.
Today we have the API Energy Stocks data due out at 3:30 C.S.T. Call me for daily trade recommendations. 1-800-935-6487 1-312-563-8093 email@example.com
There is substantial risk off loss trading commodity futures and options. Past performance is not indicative of future results.,