Good Morning!
Yesterday’s Crop Production USDA Supply/Demand data was bullish on Soybeans, Slightly friendly to Corn and neutral-to-maybe slight bearish to Wheat. In the overnight electronic session the July Corn is currently trading at 381, which is unchanged. The trading range has been 383 ¼ to 380 so far. Investors are asking themselves this morning if the Grain complex ride the strength of the Soybeans or do we see profit taking here at these levels.
On the Ethanol front the June contract had no trades in the overnight electronic session. The June contract settled at 1.527 and is currently showing 1 bid @ 1.516 and 1 offer @ 1.549.
On the Crude Oil front the weekly API data was bearish on Crude but the market is holding up on fears of overall supply risk. In the overnight electronic session the June Crude Oil is currently trading at 4481, which is 15 points higher. The trading range has been 4493 to 4396.
On the Natural Gas front the June contract is currently trading at 2.161 which is 3 tics higher. The trading range has been 2.183 to 2.141. If the weather turns to more seasonable weather temperatures we should see a spike in prices.
Have a Great Trading Day!