Grains Rally in the Overnight Session Again
In the overnight electronic session the May contract for corn is currently at 361 ¼, which is 3 cents higher. The trading range has been 362 ¼ to 360 ½ so far. Another tight overnight trading range, and if the current pattern of history repeats itself we could see another selloff in the day session.
On the ethanol front there were no trades posted in the overnight electronic session. The April contract settled at 1.386 and is currently showing 2 bids at 1.382 and 1 offer at 1.388.
On the crude oil front the April contract is currently trading at 3656, which is 64 points higher in the overnight electronic session. The trading range has been 3672 to 3618 so far. With us inching closer to summer time blends we could see a pop to the $40 level this week.
On the natural gas front the weather patterns this week are not too bullish of a sign. There is not much news to rekindle bullish forces, only news every Friday of more rig count declines, which will eventually catch up to the market when demand picks up and infrastructure is not in place. In the overnight electronic session the April contract is currently trading at 1.647, which is .019 of a cent lower. The trading range has been 1.655 to 1.612.