Good Morning!
The yen was stronger against other currencies after the financial chiefs voiced concerns about rising risks and vulnerabilities in the global economy this weekend at the Group of 20 meeting in Shanghai. The Peoples Bank of China cut the reserve-ratio requirement 0.5 percent. The weak China stock market carried over to Europe and our markets. This morning we have Chicago PMI at 9:00 A.M. and Exports Inspections later and more earnings that could be a game changer in this market. Hiroyuki Kachi of CBS Market Watch contributed information.
On the Corn front the market is showing strength in the overnight session. The Soybeans still look weak because of the crop we are seeing in South America coupled with harvest pressure with excellent supply. The March corn is currently trading at 356 ½, which is 2 cents higher. The trading range has been 357 to 354 ½ so far. We are forecasted to have a mix of winter weather tonight developing into Tuesday with cold temperatures forecasted into Friday.
On the Ethanol front there were no trades in last night’s session. The March contract settled at 1.387and is showing 2 bids @ 1.387 and 1 offer @ 1.397.
On the Crude Oil front the market turned back from the lows after the People Bank of China cut the reserve-ratio requirement. In the overnight electronic session the April contract is currently trading at 3290, which is 12 points higher. The trading range has been 3315 to 3232 so far and is looking like it will achieve a higher high.
On the Natural Gas front the market is getting pounded in the overnight electronic session. The April contract is currently trading at 1.699, which is 9.2 cents lower. The trading range has been 1.725 to 1.690 so far. The market may have found a temporary bottom at these way oversold prices.
Have a Great Trading Day!