On the corn front, we traded lower on Friday due to the market looked tired of trying to punch through resistance and farmers were selling premium that was gained earlier and there was some fund short covering . We are expecting mostly dry weather this week which could pressure prices further. In the overnight electronic session the July Corn is currently trading at 325 ½ which is a ¼ of a cent lower. The trading range has been 327 ¾ to 324 ½.
On the Ethanol front there was really no more major news to report as there were no trades posted in the overnight electronic session. The July contract settled at 1.138 and is currently showing 2 bids @ 1.056 and 1 offer at 1.150 with Open Interest waning to 123 contracts.
On the Crude Oil front the market is trading a little lower as we start the month off. We should see demand pick up and need to hear some more bullish fundamental news to reach the next leg up. In the overnight electronic session, the July contract is currently trading at 3544 which is 5 points lower. The trading range has been 3590 to 3476.
On the Natural Gas front the market is down hard with no bullish news to support any rally. Just to get this market started we would need hot weather and exports to pick up dramatically we should trade relatively lower. In the overnight electronic session, the July Natural Gas is currently trading at 1.769 which is 8 cents lower. The trading range has been 1.848 to 1.742.