Good Morning!
The Nikkei extends the selloff do to the Bank of Japan’s inaction on the rallying yen prices. The selloff however did not spill over to the U.S. stocks so far. We have a busy day with reports and the rest of the week is no different. Starting at 9:00 A.M we have Construction Spending and ISM Manufacturing Index. Weekly Export Inspection sat 10:00 A.M. And at 2.P..M. we have Fats & Oils and Grain Crushings followed by Crop Progress at 3 P.M.
On the Corn front the May contract is currently trading at 389, which is 1 ¼ of a cent lower. The trading range has been 380 ¼ to 388. Rains and cooler-than-normal temperatures may give way to warmer sunnier days on Friday according to the forecasts.
On the Ethanol front the June contract posted a trade at 1.520, which is .012 of a cent lower. That was the only print in quiet trade.
On the Crude Oil front the market is trading in a chop and expect more of the same as a lot of people have taken the May Day holiday off. In the overnight electronic session the June Crude Oil is currently at 4677 which is 15 points lower. The trading range has been 4604 to 4543 so far. Also with Early May Bank Holiday in the U.K. I expect light volume today.
On the Natural gas front the market is trading lower with below-average temperatures in this shoulder season. In the overnight electronic session the June contract is currently trading at 2.108, which is 7 Cents lower. The trading range has been 2.143 to 2.104 so far.
Have a Great Trading Day!