Good Morning!
Rumors mills are saying farmers intend to plant more Soybeans than Corn. We will get an education on March 31 with the Planting Intentions report. In the overnight electronic session the market is trading in another tight trading range. The May contract currently trading at 358, which is 1½ of cents lower. The trading range has been 359 to 358 so far. Remember March Grains expire Monday at High Noon C.S.T. Do not wait until the last minute to roll or liquidate!
On the Ethanol front no trades were posted in the overnight electronic session. The April contract settled at 1.400 and is currently showing 1 bid @ 1.401 and 1 offer @ 1.415.
On the Crude Oil front the April contract should test resistance at 3897. In the overnight electronic session the April is currently trading at 3828, which is 1 tic lower. The trading range has been 3848 to 3777 so far. This market will wait for Super Mario Draghi’s speech after the ECB decision.
On the Natural Gas front we have the weekly EIA Gas Storage number today. A Thomson Reuters poll of analyst show draws from anywhere from 44 bcf to 63 bcf and we have rig counts tomorrow. In the overnight electronic session the April contract is currently trading at 1.777 which is .026 cents higher. The trading range has been 1.788 to 1.738.
Have a Great Trading Day!