We kickoff the day with Export Inspections at 10:00 A.M., Consumer Credit at 2:00 P.M. and Crop Progress at 3:00 P.M. In the overnight electronic session the July Corn is currently trading 403 ½ which is 2 ¾ cents lower. The trading range has been 405 ¾ to 403 ½. The rains over the weekend slowed the farmers' progress but they will be hitting the fields today catching up on plantings. On the Ethanol front the June contract posted a trade at 1.494 which is .004 lower while the July contract posted a trade at 1.5000 which is .005 lower.
The June market is currently showing 1 bid @ 1.492 and 2 offers @ 1.498. 1 contract traded and Open Interest is at 842 contracts. On the Crude Oil front the Iran deadline is looming and Oil punched through $70 a barrel and the top is not in yet. In the overnight electronic session the June contract is currently trading 7963 which is 91 points higher. The trading range has been 7076 to 6971.
If the U.S. goes it alone as we do not Import Iranian Oilare allies such as Japan and South Korea do and they may switch to other suppliers to comply with the stance of the U.S. On the Natural Gas front the market has been a tough nut to crack. The futures continue to outpace the cash prices with no obvious cause and effect. In the overnight electronic the June Natural Gas is currently trading at 2.761 which is 5 cents higher. The trading range has been 2.770 to 2.695.