House Votes on Tax Reform Round 2
Good Morning!
Reports on the day before Winter Solstice are Existing Home Sales at 9:00 A.M., EIA Energy Stocks at 9:30 A.M. and Dairy Product Sales at 2:00 P.M. With the historic Tax Vote today the stocks are in the green today after yesterday’s selloff and no late recovering rally. On the Corn front we have a tight range in the overnight electronic session, with the March Corn currently trading at 348 which is a ½ of a cent higher. The trading range has been 348 ¼ to 347 ½. The story remains the same with exports slowing down a tad and weather watching in Argentina and Brazil. Also will be watching weather and snow cover if any in growing regions.
On the Ethanol front E.U. energy ministers agreed to roll back renewable energy in fuels, which could affect U.S. exports. In the overnight electronic session the January contract is currently trading at 1.256 which is .012 lower. The trading range has been 1.270 to 1.256 with 13 contracts traded and declining Open Interest at 879 contracts. The February contract surpassed the January contract in Open Interest at 1,293 contracts and is last at 1.285 which is .011 lower. The trading range has been 1.299 to 1.285 with 13 contracts traded.
On the Crude Oil front we had a bullish API number on Crude Oil and Distillates while Gasoline and Cushing, Oklahoma showed builds. In the overnight electronic session the February contract is currently trading at 5780, which is 24 points higher. The trading range has been 5788 to 5765.
On the Natural Gas front the January contract is currently trading at 2.737, which is 4 ½ cents higher. The trading range has been 2.756 to 2.721. If there is not another Friday surprise in the weather forecast we should see higher prices.
Have a Great Trading Day!