As the government rampage of left versus right we must have the wisdom that the left hand should know what the right hand is doing. The markets are trading on Free Markets for Free Men. And the cowardly actions of yesterday’s terrorist attack on the U.K. Parliament just go to show there is no sanctuary city so the cowards can strike again. And the politicians hat push this debate further it is disgusting and not on my watch.
If we look to the answer why we have prospered then and achieved what no other nation on earth it was simple of the respect and dignity that identifies the people speak the volumes and less government with taxes and regulations and henchman cowards will not let the people speak. Well the people have spoken. And it is time to turn this sorry chapter’s page of the on the trash can of history. Free Markets for Free men. Less government taxes and regulations will set us all Free.
On the corn front the market is pondering the USDA Prospective Plantings report that may show a farmers wavering of how much and what crop to plant which will be more beneficial to realize their profit and prosper like the Good Lord intended. Soybean Oil lost it steam as after Tuesday’s announcement that 2017 RFS volumes will increase only to leave blenders, farmers and refineries to wonder, “what is my profit center”? We will be looking at competition in exporting countries to deliver a competitive edge as the U.S. market is surviving or resuscitating on total global demand.
In the overnight electronic session the corn market is quiet as weather, exports and terrorism could shake demand when all exporting countries are anticipating a record crop. The May corn is currently trading at 357 ¾ which is 1 cent lower. The trading range has been 359 ¾ to 357 ¾. Farmers so far are happy with a good head start on plantings and will get an education of what farmers want to plant soon.
On the ethanol front the market showed activity as we see us heading into rollovers to the May contract. In the overnight electronic session the April contract is currently trading at 1.544 which is .007 of a cent higher. The trading range has been 1.544 to 1.518 with a current bid of 1 contract at 1.517 and 5 offers at 1.537 and Open Interest at 1,408 contracts while the May contract posted a trade at 1.564 which is .008 of a cent higher with the market showing 1 bid at 1.537 and 1 offer at 1.556 with Open Interest at 1,766 contracts.
On the crude oil front the market is showing after the so-called build in inventories that really will not present the impact until 2018 which is not a reason to kill this market this early. We are heading into summer time blends and we should see a seasonal pop very shortly. In the overnight electronic session the May Crude Oil is currently trading at 4821 which is 17 points higher. The trading range has been 4848 to 4812.
On the natural gas front the May contract is currently trading 3 ½ cents higher at 3.046 with the trading range of 3.047 to 3.016. Scott Disavino weekly Thomson Reuters poll with 26 analyst participating are predicting draws anywhere from 170 bcf to 127 bcf. These numbers compare to last week draw of 53 bcf, the 1-year of a a build of 13 bcf and the five-year average of draws of 15 bcf. This market is showing if this oversold market has weather to give it legs Katy Bar the Door.