The dollar is currently trading at 98.025, which is .443 cents lower and helped most commodity prices establish a temporary bottom with in the overnight electronic session.
On the corn front, the March contract is currently trading at the high in the overnight which is 375 ¾, which is 2 ¼ cents higher. The low has been 373 and at 11:00 we have the monthly Crop Production and USDA Supply/Demand data, also at 7:30 we have Wholesale Trade.
On the ethanol front, the January contract posted a trade at 1.460 which is .006 of a cent lower in quiet trade.
On the crude oil front, we have the weekly EIA Energy Stocks at 9:30. Last night the API showed a draw of 1.9 million barrels in the crude, which was slightly bullish and the products continue to be bearish. A lot of prognosticators are calling for a free fall in this market testing the $20 level. However, I do not see that in the cards long-term with a fragile Middle-East ready to ignite at a moment’s notice, this could change the thinking of the bears. There was a rumor that Iran test fired a missile which created a large rally in the crude. One event can have this market back to $80 a barrel in a heartbeat. In the overnight electronic session, the January crude oil is currently trading at 3773 which is 22 points higher. The trading range has been 3839 to 3770 so far. Any disruption in the flow of oil, we will be talking gluts as back in history.
On the natural gas front, the January contract is currently trading at 2.096, which is .026 cents higher in the overnight electronic session. The trading range has been 2.118 to 2.071 so far. With the current market psychology, this looks to be short-covering with warmer temperatures on the horizon and tomorrow's EIA Gas Storage.