Good Morning!
Funds short covering Sunday night was not enough to hold during Monday’s day session as we sold off the highs once again. In the overnight electronic session the May Corn is currently trading at 357 ¾, which is 1 ¼ of a cent lower. The trading range has been 359 ½ to 357 so far. Another tight night session trading range. Protests in Brazil continued and makes their export look less attractive and could spike prices. Farmers that already sold their 205 crop to the elevators this news is too late.
On the Ethanol front there were no trades posted in the overnight electronic session. The April contract settled at 1.395 and is currently showing 1 bid @ 1.378 and 1 offer @ 1.389.
On the Crude Oil front in the overnight electronic session prices dipped from the highs made Monday only to rally past the day session close and looking to gain momentum. The April contract is currently trading at 3790, which is unchanged. The trading range has been 3799 to 3735 so far. At 3:30 P.M. we have the weekly API Energy Stocks, which may show another surprising build, but will that be a game changer in the latest rally? I am betting not so much.
On the Natural Gas front we are running out of storage capacity as demand remains low due to a light polar vortex winter. With rig counts continuing to slide this could awake a sleeping giant if La Nina gives us a hot and dry summer. In the overnight electronic session the April Natural Gas is currently trading at 1.735 which is 4 ½ cents higher. The trading range has been 1.736 to 1.693 so far.
Have a Great Trading Day!