With debt piling up at a record pace, Exxon Mobil (NYSE:XOM) is losing the Triple A credit rating it has held since 1985. The record date of $35 billion versus $2 billion in 2012 shows that the Saudi’s and other OPEC and non-OPEC nations are pumping an economic catastrophe.
Moving to the corn front, the first day of spring hardly feels like spring at all. The weather forecasted this week in the lower 48 looks like old man winter is hanging around for a while. In the overnight electronic session May Corn is currently trading at 366 ¾, which is ¼ of a cent lower. The trading range has been 367 to 365 ¾. This week’s weather should be disruptive for farmers trying to get the fields ready.
On the ethanol front there were no trades posted in the overnight electronic session. The market is weak, with corn and crude oil prices lower. The April contract settled at 1.425 and is showing 2 bids at 1.396 and 1 offer at 1.421.
On the crude oil front the April contract expires today and we are shifting our focus to the May contract, which is currently trading at 4090, which is 24 points lower. The trading range has been 4114 to 4041 so far. The market may be poised for another rally with Russia withdrawing from Syria, which means we could possibly get a deal done on production cuts.
On the natural gas front the market is coming in weaker again this morning, trading near the lows. The April contract is currently trading 1.867, which is 4 cents lower. The trading range is 1.908 to 1.857 so far. Friday’s rig count, that was up 1, is adding weakness to this market for now.