Happy St. Joseph’s Day
Good Morning!
We kickoff the day with Housing Starts and Permits at 7:30 A.M., API Energy Stocks at 3:30 P.M. and the FOMC meeting. Nebraska, Iowa and Wisconsin declared a State of Emergency with heavy flood waters. The Mid-West is bracing for further damage. Iowa Governor Kim Reynolds was quoted, that two-thirds of the town of Hamburg, just east of the Missouri River was “lost’. The Corn market is not really reacting just yet, With funds heavily short and the damage has yet to be assessed. In the overnight electronic session the May Corn is currently trading at 372, which is a ½ of a cent higher. The trading range has been 372 2/4 to 371.
On the Ethanol front the April contract is currently trading at 1.415, which is .009 lower. The trading range has been 1.425 to 1.415. 4 contracts traded and Open Interest has dropped to 634 contracts. The market is currently showing 3 bids @ 1.410 and 1 offer @ 1.418.
On the Crude Oil front the April contract expires today and we have the API data at #:30 P.M. The May contract is currently trading at 5982 which is 44 points higher. The trading range has been 5986 to 5923.
On the Natural Gas front the April contract is currently trading at 2.890, which is 4 cents higher. The trading range has been 2.897 to 2.882.
Have a Great Trading Day!