Good Morning!
Hello sports fans let’s buckle up our chin straps and roll with the punches at 7:30 A.M. we start out the day with CPI, Export Sales, Initial Jobless Claims and Real Earnings. Followed at 9:30 A.M. with the weekly EIA Gas Storage. Speaking of Natural Gas the Thomson Reuters poll of 23 analyst is showing draws of 14 bcf to injection builds of 10 bcf. These estimates compare with builds of 12 bcf last week, 49 bcf a year ago and a five year average injection build of roughly 22 bcf. In the overnight electronic session the May contract is currently trading at 2.016 which is 2 cents lower. The trading range has been 2.048 to 2.013.
On the Crude Oil front we had another close above the 200-day moving average and more bullish news from the International Energy Agency making a comment that was 180 degree turnaround from their last statement that the oversupply is almost gone and the Global oil market will “move close to balance” in the second half of the year, which will translate into higher prices. In the overnight electronic session the May Crude Oil is currently trading at 4195 which is 19 points higher. The trading range has been 4197 to 4084. We have these bullish events heading into the OPEC non-OPEC meeting Sunday in Doha, Qatar.
On the Ethanol front there were no trades posted in the overnight electronic session. The May contract settled at 1.554 and is currently showing 1 bid @ 1.546 and 3 offers @ 1.563.
On the Corn front the up days we have had may be a thing of the past even with Brazil not selling their product because of the strength in the Brazilian real versus the U.S. dollar. Weather here in the U.S. should be beneficial to farmers to catch up in the fields these coming weeks. In the overnight electronic session the May Corn is currently trading at 370 ¾, which is 2 ¾ cents lower. The trading range has been 374 ½ to 370 ½. Tomorrow we have the NOPA Crush at 11:00 A.M., which could change the tone on the Grain complex.
Have a Great Trading Day!