Good Morning!
This morning we have the U.S. Trade Balance at 7:30 A.M., Consumer Credit at 2:00 P.M. and API Energy Stocks at 3:30 P.M. Also we plenty of earnings out today with GM's (NYSE:GM) profits beating expectations with help from SUVs.
On the Corn front investors are gearing up for Thursdays Crop Production USDA Supply/Demand data. U.S. exports remain positive and record Ethanol usage has been the bullish sign. Funds have a net long position but have been all over the place, but expect them to lighten up on the net long position. In the overnight electronic session the March Corn is currently trading at 363 ½, which is ¼ of a cent lower. The trading range has been 364 ½ to 363.
On the Ethanol front there were no trades posted in the overnight electronic session. The March contract settled at 1.540 and is currently showing 1 bid @ 1.543 and 1 offer @ 1.550 with Open Interest at 3,308 contracts.
On the Crude Oil front the struggle continue trading over $54 a barrel. In the overnight electronic session the March contract is currently trading at 5274 which is 27 points lower. The trading range has been 5324 to 5270. Maybe tonight’s API will add some support to the drive to $55 a barrel.
On the Natural Gas front the market bounced and is currently trading at 3.105 basis the March contract, which is 5½ cents higher. The trading range has been 3.114 to 3.051. Huge support at $3 and it is anyone’s guess what will follow these unseasonable warm temperatures.
Have a Great Trading Day