Good Morning!
The plunge in the global markets continue as we follow Asia’s lead. This morning we have economic data released at 7:30 A.M. with CPI, Housing Starts and Real Earnings followed by API Energy Stocks at 3:30 P.M. On the corn front the market has rallied late trading higher surpassing most other grains in the complex. In the overnight electronic session the March contract is currently trading at 368, which is ¼ of a cent higher. The trading range has been 368 3/3 to 365 ¾. With the crunch on crude, records of supply of ethanol farmers will welcome any sort of rally.
Speaking of ethanol, there were no trades posted in the overnight session. The February contract settled at 1.356 and is showing 5 bids @ 1.330 and 3 offers @ 1.356.
On the crude oil front we have hit prices dating back to 2003. Saudi’s flooding the market and the global stock market frenzy mode due to China’s potential slowdown in not conducive to support the market from the free fall we are experiencing now. In the overnight electronic session the March crude oil is currently trading at 2880 which is 77 points lower. The trading range has 2975 to 2845 so far. I still look ahead to long-term recovery of prices with infrastructure disappearing in record numbers.
On the natural gas front the market is not quite sure what direction it is heading with more normal temperatures moving across the Plains and Mid-West while the NortEast is bracing for a blizzaed and remnants of what we had here. In the overnight electronic session the February contract is currently trading at 2.094, which is .003 of a cent higher. The trading range has been 2.138 to 2.067. Tomorrow weekly gas storage may put a bullish spin on the market.
Have a Great Trading Day