China Data Slows Markets
We ring in the New Year with Cotton System, Fats and Oils, and Grain Crushings at 2:00 P.M. followed API Energy Stocks at 3: 30 P.M. China economic data cast a pall over the market on Monday having gains retreat into losses and followed through this morning. The grains are hoping for an U.S.-Sino trade deal and there was no overnight electronic session on New Year’s Day.
On the Ethanol front the February contract posted a trade at 1.290 which is .020 higher with 3 contracts traded and Open Interest hovering at 1,962 contracts. The market is currently showing 1 bid at 1.271 and 1 offer at 1.274.
On the Crude Oil front, the China economic data put the brakes on this market as well. We will definitely see production cuts and spending and budget cuts at these price levels. In the overnight electronic session, the February Crude Oil is currently trading at 4471 which is 70 points lower. The trading range has been from 4600 to 4471.
On the Natural Gas front weather forecast changes are continuing to pressure the market. In the overnight electronic session, the February contract is currently trading at 2.910 which is 3 cents lower. The trading range has been 3.039 to 2.905.