We have Dairy Products today at 2:00 P.M. and API Energy Stocks at 3:30 unless there is a delay for tomorrows day of mourning for President George Herbert Walker Bush. We did have a mixed Asian market and the Grain rally has slowed its initial momentum after good news from the G20 meeting and with OPEC production cuts the Energy complex keeps chugging away.
On the Corn front the March Corn is currently trading at 380 which is 2 cents lower in the overnight electronic session. The trading range has been 381 to 380 in quiet trade. Expect the market to trade in a lull with mostly all markets closed tomorrow in observance of President Bush.
On the Ethanol front the January contract posted a trade at 1.269 which is .001 higher with 10 contracts traded and Open Interest at 1,767 contracts. The market is currently showing 2 bids @ 1.266 and 2 offers @ 1.273. The market is still digesting the potential of exports that could open if the U.S.-Sino trade truce can bear any fruit in the next 90 days.
On the Crude Oil front the market looks like it made the 2018 bottom finally. There is still plenty of demand and the emerging markets have yet to quench their thirst for product. In the overnight electronic session the January Crude Oil is currently trading at 5375 which is 80 points higher. The trading range has been 5455 to 5303.
On the Natural Gas front the pendulum swings again. We are now trading to the upside. Several reasons have investors changing their tune once again from what they thought 24 hours ago. Weather forecast change and Clean Energy people talking of the final nail in the coffin for Coal and expectations to lean to Natural Gas. In the overnight electronic session the January Natural Gas is currently trading at 4.529 which is 19 cents higher. The trading range has been 4.550 to 4.358.