Good Morning!
In the overnight electronic session the March corn is currently trading at 377 ¾, which is a ½ of a cent higher. The trading range has been 377 ¾ to 376 so far. The market is concerned about weather both here at home and South America. Today the main focus is on the FED decision at 1:00 P.M. and the affect it will have on the U.S. dollar that could be a game changer and change the dynamics of the bearish sentiment in this market.
On the Ethanol front there were no trades posted in the overnight electronic session. The January contract settled at 1.445 and if my quotes are correct it is showing 2 bids @ 1.446 and 2 offers @ 1.462. And no trade? Hmm. This just tells me to stay away and not trade this sleeper market today.
On the crude oil front yesterday’s weekly API data had a bearish spin, although I am not sure if it counted or discounted the disruption this week in the Houston Shipping Channel. This market has showed that it is ready to roll and the weekly EIA data could propel bulls back to the table and have the bears leave. If the number is bullish and depending on want the FED will do could put us back into a bullish run. In the overnight electronic session the January crude oil is currently trading at 3684, which is 51 points lower. The trading range has been 3735 to 3657 so far. We could see a jump going into the end of the year.
On the natural gas front the market looks to be at a technical and psychological buy zone. Fundamental factors including the 7 day weather forecast leads to bearish forces ruling the roost with a very limited downside. In the overnight electronic session the January contract is currently trading at 1.822, which is unchanged. The trading ranging has been 1.830 to 1.778 so far. The key again is the FED and support in this market at $180.
Have a Great Trading Day!