America Held Hostage Day 25
Good Morning!
No this is not ABC news with Ted Koppel on the Iranian hostage crisis of 1979 but there is a significance that we keep bad people and terrorists out. Give me your tired, you’re poor and huddled masses. Keep in mind we are a country of immigrants and the object to the exercise is to do it legally and go through the process that legal immigrants endured to become American citizens. Anything thing short is not up for discussion while the Pelosi camp will not even come to the table to negotiate to stop the government shutdown. And Pelosi has decided she will still get a paycheck while other government workers won’t. This is just another slap in the face to the working class of our great nation.
In the overnight electronic session the Grains are in the green recovering from yesterdays headlines that said the U.S.-China trade talks were not moving as fast that we thought. And today (go figure) we have a new headline (if you like volatility) that China Corn stocks will be fully digested in 2019. Ministry official Tang Ke told reporters that sales will continue at a fast pace this year. This is a sign that the U.S. export market for Corn and Ethanol should rise dramatically while Argentina and Brazil are having weather problems in their growing seasons. In the overnight electronic session, the March Corn is currently trading at 373 ½, which is 2 ¼ cents higher. The trading range has been 374 ¾ to 372 ½.
On the Ethanol front the February contract is currently trading at 1.282, which is .010 higher. The trading range has been 1.292 to 1.282. 4 contracts traded and Open Interest has risen to 1,813 contracts. The market is currently showing 1 bid @ 1.280 and 1 offer @ 1.283.
On the Crude Oil front the API data last night showed Crude stocks down .0796M, Cushing down .0796M while products showed builds with Gasoline up 5.991M and Distillates up 3.214M. The market took a while to digest the information and in the overnight electronic session the February Crude Oil is currently trading at 5177, which is 34 points lower. The trading range has been 5252 to 5146. I do expect a higher close in today’s trading session.
On the Natural Gas front the market is pricing in the weekend snow and the mercury dropping to global (non)warming In the overnight electronic session the February contract is currently trading at 3.676, which is 17 ½ cents higher. The trading range has been 3.696 to 3.377.
Have a Great Trading Day!