Good Morning!
The Grains are taking it on the chin again. No upward movement to be seen to farmers' chagrin. As costs mount with economic doubt moving product is a factor in daily activity. In the overnight electronic session the May Corn is currently trading at 366 ¾, which is 1 ¾ of a cent lower. The trading range has been 368 ¼ to 366 ½. South American harvest adding pressure to prices right as we move into planting season only confirms we are in a weather and a global economic market.
On the Ethanol front there were no trades posted in the overnight electronic session. The April contract settled at 1.432 and is currently showing 1 bid @ 1.421 and 1 offer @ 1.437. This market is unsettled in shoulder season guessing on what Corn and Crude Oil prices react to global fears.
On the Crude Oil front, the API data put fresh bullish news to investors and the market is showing it this morning even as we wait for the FED announcement. In the overnight electronic session the April contract is currently trading at 3700, which is 66 points higher. The trading range has been 3719 to 3661 so far. This morning’s EIA Energy Stocks data could really set the tone regardless of what the FED spews in the marketplace.
On the Natural Gas front the market is still in a wait and see mode regarding weather and demand. In the overnight electronic session the April contract is currently trading at 1.841 which is 1 cent. The trading 1.877 to 1.838 so far. Rig counts loom large in this market again.
Have a Great Trading Day!