Farmers Frackers Rig Counts & Weather
The busy holiday week continues before the 4th of July weekend.
This morning we have Consumer Confidence at 9:00 A.M. and API Energy Stocks at 3:30 P.M. Tomorrow we have EIA Energy Stocks at 9:30 A.M. and Dairy Product Sales at 2:00 P.M.
On Thursday we have Export Sales, 1st Quarter GDP and Initial Jobless Claims at 7:30 A.M. EIA Gas Storage at 9:30 A.M. and Hogs & Pigs 2:00 P.M.
And on Friday we have Personal Income 7:30 A.M Chicago PMI 9:00 A.M and the much talked about and waited Grain Stocks and Planted Acreage at 11:00 A.M.
Reuters poll showed U.S. Corn & Soybean ratings improving while the Crop Progress report did not see that 1% rise of good to excellent versus analysts, farmers and investors.
Weather is the key from here and raising doubt that weather and Friday’s report will dismiss the large bearish sentiment. Also on Friday we have First Notice Day on all July Grains which late rollovers could bring some surprise volumes on this otherwise summer doldrums marketplace. In the overnight electronic session the July Corn is currently trading at 361 which is 2 cents higher. The trading range has been 361 ½ to 359 ½
On the ethanol front the August contract is currently trading at 1.506 which is ½ of a cent higher. The trading range has been 1.506 to 1.500 with estimated volume of 10 contracts traded. With declining Open Interest down to 986 contracts. The market is currently showing 5 bids @ 1.495 and 1 offer @ 1.506.
On crude oil we have the weekly API Energy Stocks at 3:30 P.M. and investors are starting to see the real picture of rig-counts going down and frackers going out of style or business at these price levels. This may be a sign we have turned the corner and will see higher prices. In the overnight electronic session the august Crude Oil is currently trading at 4393 which is 55 points higher. The trading range has been 4402 to 4332.
On the natural gas front Last Trading Day for the July contract is tomorrow so liquidate or rollover, the sooner the better. In the overnight electronic session the August Natural Gas is currently trading at
3.054 which is a ½ of a cent higher. The trading range has been 3.080 to 3.049. Again Thursday EIA Gas Storage report and weather will or will not add premium to this market.