Good Morning!
This morning at 10:00 A.M we have Export Sales and gear up for Thursdays reports when Grain investors get a further education of where this complex is at as a whole starting with Export Sales, Wholesale Trade, Crop Production and USDA Supply/Demand data. Soybean Oil and Soybean Meal seem to be strengthening the complex coupled with squaring off headed into Thursday’s report action. In the overnight electronic session the March Corn is currently trading at 367 ¼, which is 2 cents higher. The trading range has been 368 ¾ to 363 ½.
On the Ethanol front the March contract posted a trade at 1.535, which is .008 of a cent higher. The market traded 5 contracts at that price and is currently showing 1 bid @ 1.535 and 1 offer @ 1.540 with Open Interest at 3,286 contracts.
On the Crude Oil front the struggles continue at or above $54 a barrel. The market is still bullish overall with March contract currently trading at 5383, which is unchanged. The trading range has been 5413 to 5374. I anticipate investors will be gunning for resistance above $54 a Barrel.
On the Natural Gas front the February weather forecast will be the catalyst of where this market moves. The current report this week is above normal temperatures. If the mercury continues to stay at above normal expect lower price as we head into shoulder season. In the overnight electronic session the March contract is currently trading at 3.038, which is 2 ½ cents lower. The trading range has been 3.086 to 3.009. Otherwise all is quiet on the western front.
Have a Great Trading Day