Good Morning!
Today’s reports are Existing Home Sales at 9:00 A.M. Cold Storage and Milk Production at 2:00 P.M. and API Energy Stocks at 3:30 P.M. Yesterday’s Corn Exports week ending January 19 showed 37,947 thousand bushels, which was 416 thousand bushels greater than week ending January 12. Current market year to date shows exports at 779,723 thousand bushels versus last year at 442,349 thousand bushels. Still plenty of stocks on hand to move. In the overnight electronic session the March Corn is currently trading at 370 ¼, which is ¾ of a cent higher. The trading range has been 371 to 369.
On the Ethanol front the February contract posted a trade at 1.465, which is .027 cents lower while the March contract posted a trade at 1.515, which is unchanged. March Open Interest is at 2760 contracts while the February Open Interest is at 1.483 contracts.
On the Crude Oil front the market is trading topsy turvy in the overnight electronic session but has held support. The March contract is currently trading at 5298 which is 23 points higher. The trading range has been 5330 to 5267.
On the Natural Gas front investors may be reading tea leaves and weather reports, which if are correct we will be at normal February temperature which makes the shortest month of the year the longest if you live in the plains and mid-west. In the overnight electronic session the February contract is currently trading at 3.323 which is 8 cents higher. The trading range has been 3.331 to 3.267.
Have a Great Trading Day