Good Morning!
Turnaround Tuesday? Well maybe…
In the overnight electronic session the March corn is currently trading at 360 ½, which is a ½ of a cent lower. The trading range has been 361 ½ to 360 so far. Soybeans and wheat did turn to the upside after yesterday’s selloff. With rains we will continue to see selling pressure. However the fields do need a freeze soon.
On the ethanol front the January contract posted a trade at 1.375 which is .017 of a cent lower. Very quiet trade in this market.
On the crude oil front the market is bouncing back after weak China data that put demand fears back in the market after last week’s rally and it showed in yesterday’s action. Today we have the stock market rolling with the Santa Claus rally and crude oil is rolling as well with the February contract currently trading at 3715 which is 34 points higher. The trading range has been 3720 to 3666 so far. We have the weekly API data at 3:30 P.M., which may show a bullish stance.
On the natural gas front the oversold market continues the run with the crazy weather we are experiencing in the lower 48. Colder weather forecasts in January may change the game with all of the draws we have been seeing. In the overnight electronic session the February contract is currently trading at 2.326, which is 7 cents higher. The trading range has been 2.345 to 2.257 so far. I anticipate to see more of the running of the bulls today.
Have a Great Trading Day!