On the front we are extending the retreat this morning, but whispers abound that we will have big demand coming back to the market and should buoy prices. In the overnight electronic session, the December corn is currently trading at 394 ¼ which is 4 ¼ cents lower. The trading range has been 396 ¼ to 393 ¼.
On the front Kentucky has been witnessing increases for ethanol biofuels sales jobs. The USDA announced the investment the Trump administration providing for rural businesses the grant which is helping corn and soybean demand. Ray Allen Mackey chairman for the Kentucky Corn Promotional Council and a farmer said,” We see improved availability of mid-level blends of ethanol is important for three reasons, It has a proven ability to clean our air, and improve are health. Number two, it gives consumers more choices at the pump. Finally, it revitalizes and adds value and improves the rural economy,” Mackey said. There were no trades posted in the overnight electronic session. The December contract settled at 1.380 and is showing 0 bids and 0 offers with Open Interest at 43 contracts.
On the front the market started trading in the abyss with more national lockdowns in Europe because of another round of COVID-19 cases. This time it was in the U.K. following Frances and Germany’s lead. The stock market brought the crude oil back, but we will be watching a host of news stories pretty much ranging on supply and demand with critical information and how it will play out and either raise or lower prices. In the overnight electronic session, the December crude oil is currently trading at 3557 which is 22 points lower. THE TRADING RANGE HAS BEEN 3595 TO 3364.
On the front the market is taking in on the chin in the early going with the December contract currently trading at 3.245 which is 0.108 lower. The trading range has been 3.393 to 3.238. A couple of things to look at with the beginning of Heating Season and Hedge Funds long natural gas. We expect demand to rise, with lower production and anticipation of colder temperatures should give the market a boost.
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November 02, 2020 at 10:27PM
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Corn And Ethanol: Increased Demand On The Horizon? - Investing.com
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