In the overnight electronic session the December Corn is currently trading at 739 ½ which is ¾ of a cent higher. The trading range has been 740 to 737 ½ so far. The market is finding a base of support as reality of supply and demand are coming into focus in this market. The market is also getting support from the EWPA’s rejection of a temporary waiver of the Ethanol mandate which is more bullish news for Corn.
On the Energy Front the January Crude Oil is currently trading at 8888 which is 40 points lower. In the overnight action. The trading range has been 8919 to 8853 so far. The market seems to be Searching for a reason to break to the downside, however events in the Middle-East and refinery issues should support the market.
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