In the overnight electronic session the March corn is currently trading at 353 ½, which is 2 cents higher. The trading range has been 355 to 352 ½. It is a definite move in the right direction after getting spanked 7 ¼ cents in Monday Trading session. The market is looking forward to next Tuesday’s Crop Production, Grain Stocks and USDA Supply/Demand data to round up the year.
On the ethanol front there were no trades posted in the overnight electronic session. The February contract settled @ 1.382 and is currently showing 3 bids @ 1.366 and 1 offer @ 1.383.
On the crude oil front the market for the most part held its own with the China syndrome and the fears it put in the marketplace. Another factor that kept strength in the market were concerns of oil delivery disruptions with Iran escalating tensions with Saudi Arabia and other neighbors in the Middle-East which could lead to a huge conflict. Also tonight we have the API Energy Stocks data followed by a lot of reports through Friday’s Unemployment number. In the overnight electronic session the February contract is currently trading at 3671, which is 5 points lower. The trading range has been 3710 to 3646 so far.
On the natural gas front the market is weak with renewed fears of weak exports coming into play even with these weak prices. In the overnight electronic session the February contract is currently trading at 2.264, which is 7 cents lower. The trading range has been 2.315 to 2.261. Maybe the cold snap forecasted and Thursday's weekly Gas Storage number will give this market a jump start.