Good Morning!
In the overnight electronic session the March Corn is currently trading at 359, which is 3 ½ cents lower. The trading range has been 361 ¾ to 358 ¾. Even with large exports moving investors are wondering if they overplayed their bullish hand with Argentine weather and Crop Progress.
On the Ethanol front the March contract is currently trading at 1.502, which is .002 of a cent lower. The trading range has been 1.504 to 1.502. The market is currently showing 1 bid @ 1.491 and 1 offer @ 1.507 with Estimated Volume of 28 contracts and Open Interest of 3,172 contracts.
On the Crude Oil front the market is attempting to achieve a higher high, which should test the $54 a barrel level. In the early going there seems not to be much passion. In the overnight electronic session the March Crude Oil is currently trading at 5318 which is 1 tic higher. The trading range has been 5346 to 5284. I still remain bullish on this market and await the next headline to break out.
On the Natural Gas front the market is taking a beating as the John Fogarty song “Change in the Weather”, as weather forecasters changed up and predict warmer temperatures for this week, which chased the raging bulls to the exit. In the overnight electronic session the March contract is currently trading at 3.263, which is 9 ½ cents lower. The trading range has been 3.342 to 3.262 and looking heavy in the early going. If you are bullish you may want to buy value at 3.235.
Have a Great Trading Day