President Trump Not Ecstatic With China Talks
Good Morning!
President Trump said on Tuesday he was not pleased with trade talks between the U.S. and China, but kept the door open for further negotiations. The president was further quoted on the talks, “was a start.” So far the Soybean market remains optimistic that an agreement or deal will be done. We need each other and the maestro is negotiating, “The Art of the Deal.” On the Corn front the market is quiet. Warmer temperatures are forecasted which will be helpful for plantings even though there will be rains along with the much anticipated warmer weather in the Mid-West. In the overnight electronic session the July Corn is currently trading at 404 ¾, which is unchanged. The trading range has been 406 ¼ to 403.
On the Ethanol front the June contract had 14 trades last night while the July contract was idle. The June contract is currently trading at 1.490, which is .002 lower. The trading range has been 1.492 to 1.488. The market is currently showing 2 bids @ 1.490 and 2 offers @ 1.495 with Open Interest at 338 contracts in this liquidating market.
On the Crude Oil front no major surprises on last night’s API Energy Stocks. The EIA Energy Stocks will come out this morning at 9:30 A.M. In the overnight electronic session the July Crude Oil is currently trading at 7193, which is 27 points lower. The trading range has been 7226 to 7168.
On the Natural Gas front the market continues its buoyancy amid forecasts of hot weather triggered a rally late in yesterday’s trading session. In the overnight electronic session the June contract is currently trading at 2.909, which is 1 tic higher. The trading range has been 2.919 to 2.898.
Today’s reports are New Home Sales at 9:00 A.M., EIA Energy Stocks at 9:30 A.M. and Dairy Product Sales at 2:00 P.M.
Have a Great Trading Day!