Good Morning!
No Deal in Doha, Qatar this weekend. A meeting that was supposed to be a meeting of the minds became a meeting of no minds or just a simple Homer Simpson event. With OPEC and non-OPEC members feeling the economic pinch and they could not come to a consensus proves lack of credibility with Saudi Arabia and other cartel members and the global markets reacted. In the overnight electronic session the May Crude Oil is currently trading at 3868 which is 168 points lower. The trading range has been 3955 to 3761 so far. I still remain long-term bullish in the big picture.
On the Grain front we are trading mostly higher with Soybeans and Wheat leading the way. The Corn market is mostly trading steady to easier. The complex is watching political events unfold in Brazil and the grading of the Argentinian crop that has dropped from Good-to-Excellent rating that was challenged last week. In the overnight electronic session the May Corn is currently trading at 378, which is a ½ of a cent lower. The trading range has been 379 ¾ to 375. Weather this week should pick up plantings.
On the Ethanol front the May contract is currently trading at 1.545, which is .002 of a cent lower. The trading range has been 1.545 to 1.541 in quiet trade.
On the Natural Gas front the market is trading higher in the overnight electronic session with the May contract currently trading at 1.940, which is .038 cents higher. The trading range has been 1.948 to 1.872. Temperatures this week could pick prices up in shoulder season.
Have a Great Trading Day!