Good Morning!
In the overnight electronic session the March corn is currently trading at 372 ¼, which is ¼ of a cent higher. The trading range has been 373 to 371 ½. The market is weighing on expectations of the effect of the FED raising Interest Rates albeit just enough to bring more volatility to this market. With weather and exports driving this market as we head into planting season with concerns about the U.S. dollar, what do we expect next?
On the ethanol front there were no trades posted in the overnight electronic session. The January contract settled at 1.383 and is currently showing 2 bids @ 1.376 and 2 offers @ 1.390.
On the crude oil front the January contract expired yesterday and now there is talk of a rebound in this market during light volume in the holiday trade mode keeping the bears asleep for now. In the overnight electronic session the February contract is currently trading at 3609, which is 28 points higher. The trading range has been 3626 to 3576 so far. I am a naysayer to $20 a barrel as I see $40 dollars on the horizon first.
On the natural gas front the market is easing off a bit after yesterday’s sharp overdue rally. In the overnight electronic session the January contract is currently trading at 1.896, which is 1 ½ cents lower. The trading range has been 1.939 to 1.881 so far. Holiday markets and lower production should entice this market to spike higher again.
Have a Great Trading Day!