Good Morning!
This morning at 7:30 A.M. we start out with Business Inventories, PPI and Retail Sales. At 9:30 A.M. we have EIA Energy Stocks and Dairy Product Sales at 2:00 P.M. A lot of news to cypher in the Energy sector with the API data showing builds in Crude Oil of 6.2 million barrels. Peabody Energy (NYSE:BTU) filing for Chapter 11 as another coal company bites the dust with the current go-green job unfriendly administration. Saudi Arabia Oil Minister Ali al-Naimi played down action on production cuts or a freeze at the OPEC non-OPEC meeting Sunday in Doha Qatar. OPEC also said global Oil production outside the cartel is falling more sharply than expected even questioning usage and demand. All these factors had the bulls lightening up and taking profits as the market closed at 2016 year high. In the overnight electronic session the May contract is currently trading at 4159, which is 58 points lower. The trading range has been 4191 to 4124. All eyes will be on this morning’s EIA report and the meeting Sunday in Doha, Qatar.
On the corn front yesterday’s Crop Production USDA Supply/Demand showed no major surprises and proved to be a rally killer in yesterday’s trading session. In the overnight electronic session the Grain complex is trading higher. The trading range has been 368 ½ to 363. Weather is forecasted to break and bring spring like temperatures this coming week.
On the Ethanol front there were no trades posted in the overnight electronic session. The May contract settled at 1.515 and is currently showing 2 bids @ 1.509 and 3 offers @ 1.526.
On the Natural Gas front the market is showing strength again as it bounced from a double bottom from the 190 level give or take a couple of tics. In the overnight electronic session the May contract is currently trading at 2.037, which is 3.4 cents higher. The trading range has been 2.051 to 2.009 in the early going.
Have a Great Trading Day!