Good Morning!
Export Inspections delayed a due to the Presidents Day holiday will be released at 10:00 A.M. and Milk Production at 2:00 P.M. March Crude Oil expires and we have earnings Home Depot (NYSE:HD), Macy’s (NYSE:M) and Wal-Mart (NYSE:WMT). In the overnight electronic session the March Corn is currently trading at 369 ¼, which is 1 cent higher. The trading range has been 370 ½ to 368 ¼. This morning's Export number could give a boost in the market in the early going.
On the Ethanol front the April contract posted a trade at 1.545, which is .003 of a cent lower. The market is currently showing 1 bid @ 1.531 and 1 offer @ 1.585 with Open Interest at 2,093 contracts.
On the Crude Oil front we roll to the April contract today and the market is currently trading at 5471 which is 93 points. The trading range has been 5485 to 5372. The market seems to be on a breakout and should test $55 a barrel which is key resistance the market needs to achieve. Tomorrow we will have API Energy Stocks delayed a day due to the holiday.
On the Natural Gas front the unseasonable warm weather is driving the market lower. In the overnight electronic session the March Natural Gas is currently trading at 2.744, which is 9 cents lower. The trading range has been 2.826 to 2.731.
Have a Great Trading Day