The markets are slow as we dust the cobwebs off the Super Bowl holiday. We also are head into the Chinese New Year, which caused volume and interest lower. It just seems all the headlines are on the sidelines is what investors had been begging for. One fake headline caused volatility to motor the markets and investors were scared after what they wished for. On the Corn front we are trading steady as we want more positive headlines in the U.S.-China trade talks. In the overnight electronic session the March Corn is currently trading at 378 ¼, which is unchanged. The trading range has been 378 ¾ to 377 ¾. There are whispers of another round of Chinese buying and Mexico will be purchasing as well. This is the calm before the storm.
On the Ethanol front the March contract is currently trading at 1.318, which is .002 lower. The trading range has been 1.322 to 1.317. 65 contracts traded and Open Interest is hovering at 1,681 contracts. The market is signaling China’s interest in importing both Corn and Ethanol that should not be ignored. The market is currently showing 2 bids @ 1.316 and 1 offer @ 1.319.
On the Crude Oil front the market is trading lower lackluster news and light volume expected in the coming days. The technicals are showing that this market may have bottomed and the fundamentals are looking more bullish every day. When you have fundamentals and technicals meet the odds are you will have a good trade. In the overnight electronic session the March Crude Oil is currently trading at 5426, which is 100 points lower. The trading range has been 5575 to 5405.
On the Natural Gas front we continue to trade on weather and with the mercury rising it keeps the bulls arms to the side. In the overnight electronic session the March contract is currently trading at 2.679, which is 5 ½ cents lower. The treading range has been 2.733 to 2.665.
Have a Great Trading Day!