A lot of News Stories the Past Few Days
Good Morning!
As we head into the Christmas holiday break stories in Grains and Energy stories could impact the market in January. In the overnight electronic session the March corn is currently trading at 375 ¼, which is ¾ of a cent higher. The trading range has been 377 to 371 ¼ so far. The market in the coming days will be digesting news that Argentina dropped their Corn Export tax, which should bump up exports in the market. Also we have the final USDA Crop Production, Grain Socks and USDA Supple/Demand data. Two other factors we will be monitoring is El Nino peaking in 2016 and global currency prices.
On the ethanol front the January contract posted a trade at 1.403 which is .004 of a cent higher in relatively quiet trade.
On the crude oil front, Lukoil (MCX:LKOH) CEO Vagit Alekperov is seeking to cut 50% of their stake of product LUKOIL Saudi Arabia Energy LTD (luksar). Just more news of companies cutting their stake in oil projects or giving up on them altogether. In the overnight electronic session the February crude oil is currently trading at 3585, which is down 21 points. The trading range has been 3605 to 3412 so far. The January contract goes off the board today.
On the natural gas front the January contract is currently trading at 1.812 which is .045 cents higher. The trading rang has been 1.860 to 1.787 so far. The market looks oversold despite warmer than average temperatures, We also continue to see cut backs in product at these price levels.
Have a Great Trading Day!