Good Morning!
Corn continues to go nowhere fast as the market continues to flirt with 350 and does not seem to budge too far away from that number one way or another. In the overnight electronic session the March Corn is currently trading at 350 ¾, which is 1 ¼ of a cent lower. The trading range has been 352 to 350 ¾. If we could move carryover to emerging markets and get a weather market with the drought monitors gauging remnants of La Nina, which could mean fewer rains.
On the Ethanol front the February contracts is currently trading at 1.319, which is 1 ½ of a cent lower. The trading range has been 1.331 to 1.319 with 4 contracts traded and Open Interest declining to 729 contracts as the March rollovers are in the driver’s seat. The February contract is currently showing 1 bid @ 1.302 and 1 offer @ 1.318.
On the Crude Oil front we have the weekly API number at 3:30 P.M., which should be an interesting number. I expect draws on Crude and pressure on Products with refineries in the South shut down due to cold weather that the refineries were not built to withstand. In the overnight electronic session the March Crude Oil is currently trading at 6380 which is 23 points higher. The trading range has been 6406 to 6370.
On the Natural Gas front the market is playing on cooler weather once again and the February contract is currently trading at 3.299, which is 7 ½ cents higher. The trading range has been 3.334 to 3.249. Look for producers to lock in prices at these levels.
Have a Great Trading Day!