This morning we have Wholesale Trade at 7:30 A.M., EIA Energy Stocks at 9:30 A.M., Crop Production & USDA Supply/Demand at 11:00 A.M. and Dairy Product Sales at 2:00 P.M.
In the overnight electronic session the May corn is currently trading at 359 ¾, which is ¾ of a cent lower. The trading range has been 360 to 358 ¾ so far. Another tight night trading range going into the report and fund short covering very quiet.
On the Ethanol front I have no quotes today and the status quo has not changed until we go into plantings.
On the Crude Oil front builds in last night’s API of 4 million barrels was not enough to slow momentum. In the overnight electronic session the April contract is currently trading at 3707, which is 57 points higher. The trading range has been 3733 to 3624 so far.
On the Natural Gas front the April contract is currently trading at 1.730 which is 2 cents higher. The trading range has been 1.740 to 1.710. The market is running out of storage capacity. And weather may change the downward spiral this summer.