Good Morning!
The El Nino weather that gave us dry weather when we wanted rain and wet weather when we wanted hot and dry is still holding a grip so far this early winter season and depending on what weather forecaster you listen to they have a computer module that forecasts more staying power, which will create havoc as we start thinking of plantings in the not too distant future. In the overnight electronic session the March corn is currently trading at 366 ¾, which is a ½ of a cent higher. The trading range has been 367 ¾ to 365 ½ so far.
On the ethanol front we had some activity in the overnight electronic session in the front months. The January contract is currently trading at 1.366 which is .006 of a cent higher. The trading range has been 1.371 to 1.366. The February contract posted a trade at 1.385 which is .006 of a cent higher as well.
On the crude oil the Weekly API data showed draws of 3.6 million barrels, which may coincide with last week’s fire aboard a vessel in the Houston Shipping Channel that disrupted ship traffic delivering to 3 refineries for at least two to three days. This morning’s weekly EIA data could confirm the API numbers and we could be off to the races heading into Christmas. In the overnight electronic session the February contract is currently trading at 3681 which is 67 points higher. The trading range has been 3684 to 3628 and is looking strong at the moment.
On the natural gas front the market is pricing in that we are close to a bottom and taking a hard look at certain weather modules forecasting a colder than previously expected January. In the overnight electronic session the January contract is currently trading at 1.913, which is 2 ½ cents higher. The trading range has been 1.932 to 1.89.
Have a Great Trading Day!