Good Morning!
This morning at 7:30 A.M. we have Advanced Report on Durable Goods, Export Sales and Initial Jobless Claims. At 9:30 A.M. we thee weekly EIA Gas Storage and the Thomson Reuters poll of 22 analyst forecasting draws of anywhere from 126 to 162 bcf. Tomorrow we have the 4th Quarter GDP and Personal Income early in the morning.
On the Corn front it looks like we are attempting a bottom. South American weather remains near perfect as harvesting numbers continue to move like a juggernaut. In the overnight electronic session the March Corn is currently trading at 360 ¼, which is ½ of a cent higher. The trading range has been tight again at 361 ½ to 359 ½.
On the Ethanol front the April contract posted a trade at 1.420, which is .006 of a cent lower. The market is following the insanity of the Crude Oil and Gasoline Products.
On the Crude Oil front the market seems range bound from $26 and change to $34 and change whatever the global economic picture or OPEC can throw at it. In the overnight electronic session the April contract is currently trading at 3193, which is 22 points lower. The trading has 3228 to 3144 so far.
On the Natural Gas front the market may have priced in demand destruction with the winter blast that crippled Indiana, Louisiana and the East Coast. In the overnight electronic session the April contract is currently trading at 1.798 which is .036 cents lower. The trading range has been 1.837 to 1.793 so far. Brace yourself for an interesting report.
Buckle Up!
Have a Great Trading Day.