North Korea – U.S. Summit in the Works
The Beige Book will be released today. Other reports will be EIA Energy Stocks at 9:30 and Dairy Product Sales at 2:00 P.M. Weather continues to delay cultivation for plantings and more snow is forecasted tonight. And soil temperatures are dramatically lower than last year at this time. The May Corn is currently trading at 382 which is 1 ¾ of a cent higher. The trading range has been 382 to 380.
On the Ethanol front rollovers continue. The May contract traded 19 cars and Open Interest is declining to 760 contracts. The June Open Interest is at 595 contracts and should overtake the May any day now. In the overnight electronic session the May contract is currently trading at 1.480 which is .005 higher. The trading range has been 1.480 to 1.464. The market is currently showing 1 bid @ 1.476 and 1 offer @ 1.481.
On the Crude Oil front last night’s API Energy Stocks showed draws of 1.047 million barrels on Crude Oil, Cushing had draws of 1,015 million barrels, Gasoline stocks down 2,472 million barrels and Distillates down 845 thousand barrels. In the overnight electronic session the May Crude Oil is currently trading at 6755 which is 103 points higher. The trading range has been 6762 to 6656.
On the Natural Gas front the market is be supported by abnormally cold weather in the northern regions. In the overnight electronic session the May contract is currently trading at 2.748 which is 1 cent higher. The trading range has been 2.759 to 2.734.