Good Morning!
The weekly U.S.D.A. Crop Progress report showed plantings and emergence were both below the five-year average. The overall condition improved from last week’s report, which could put a bearish spin, along with weather forecasts, heading into the weekend. 68% of the crop was rated good to excellent with analyst looking for 67%. In the overnight electronic session the July Corn is currently trading at 373 ¾, which is ¾ of a cent higher. The trading range has been 374 to 371 ¼.
On the Ethanol front there were no trades posted in the overnight electronic session. The July contract settled at 1.558 and is currently showing 2 bids @ 1.556 and 1 offer @ 1.564 with Open Interest at 1,403 contracts.
On the Crude Oil front we have the American Petroleum Institute (API) releasing their weekly Energy Stocks and I expect a third week in a row of significant draws. In the overnight electronic session the July Crude Oil is currently trading at 4733, which is 7 points lower. The trading range has been 4774 to 4694.
On the Natural Gas front the market may be looking ahead to the summertime weather approaching. In the overnight electronic session the July contract is last at 3.037, which is 5 ½ cents higher. The trading range has been 3.039 to 2.972.
Have a Great Trading Day