Good Morning!
We kickoff this Full Moon Friday with Unemployment and Wholesale Trade at 7:30 A.m., Wholesale Trade at 9:00 A.M., Crop Productions Supply/Demand, Grain Stocks, WASDE Report and Winter Wheat Seedings at 11:00 A.M. and lastly Baker Hughes Total Rig Count at High Noon. On the Corn front we are waiting for for the reports that I expect to be bullish and Phase 1 of the signing of U.S. China trade deal to be signed next week which is a welcome sign to farmers and traders alike. In the overnight electronic session the March Corn is currently trading at 383 ¾, which is a ½ of a cent higher. The trading range has been 385 to 383.
On the Ethanol front the market is also excited about the prospects of a great 2020 and let us not forget the last decade but it is in the rear-view mirror and prosperity is ahead. In the overnight electronic session the February Ethanol is currently trading at 1.321, which is .013 lower. The trading range has been 1.334 to 1.321. The market is currently showing 1 bid @ 1.325 and 1 offer @ 1.345 with 2 trades changing hands and Open Interest at 431 contracts.
On the Crude Oil front we are trading lower and very close to support that I would look to buy value. Risk on risk off I still do not want to carry a short position heading into the weekend. In the overnight electronic session the February Crude Oil is currently trading at 5907, which is 49 points lower. The trading range has been 5978 to 5895.
On the Natural Gas front it looks like we are having a short-covering rally even with colder temperatures coming down from the north. The question is, how long will it stay? In the overnight electronic session the February Natural Gas is currently trading at 2.206, which is 4 cents higher. The trading range has been 2.218 to 2.137.
Have a Good Weekend!