Good Morning!
In the overnight electronic session the Corn is again trading in a tight range. With whispers of La Nina leading to drought conditions this oversold market is poised to make a run. The March contract is currently trading at 366 ¾ which is ¾ of a cent lower. The trading range is 367 ¼ to 366 ¼ and showing no excitement at the moment.
On the Ethanol front the March contract is currently trading at 1.438, which is .011 of a cent lower in the overnight electronic session. The trading range has been 1.438 to 1.429 so far. This market is showing signs of life as we get closer to gear up for the summer driving season.
On the Crude Oil front the market is waiting to hear Ali Al-Naimi speak today that may show solidarity in OPEC and Non-OPEC oil-producing nations cooperating on a production cut or freeze. This could speak volumes in a bottoming of this market. In the overnight electronic session the April contract is currently trading at 3295 which is 44 points lower. The trading range has been 3395 to 3245 so far. Today should be an interesting trading session.
On the Natural Gas front the March contract is currently trading one and a half cents higher at 1.836. The trading range has been 1.844 to 1.794. The market will be trading weather as another February winter storm approaches.
Have a Great Trading Day!