Turnaround Tuesday & Earnings Today
We kickoff the day with Housing Starts & Permits at 7:30 A.M., Capacity Utilization and Industrial Production at 8:15 A.M. followed by API Energy Stocks 3:30 P.M. Goldman Sachs (NYSE:GS) beat the street in earnings and we have plenty more earnings expected today. European stocks were solid and economic data out of China was mixed.
Crazy weather continues to have traders wondering how long of a delay we will have in plantings and when the market takes notice and begins to build premium with global stocks at a low. In the overnight electronic session the May corn is currently trading at 383 ¾ which is 1 ½ of a cent higher. The trading range has been 384 ½ to 382.
On the Ethanol front it is rollover time to the June contract. Although the May contract was more active with 14 contracts changing hands. Open Interest did climb in yesterday’s trading session to 888 contracts. In the overnight electronic session the May contract is currently trading at 1.477 which is .004 higher. The trading range has been 1.477 to 1.463. The market is currently showing 1 bid @ 1.475 and 1 offer @ 1.478.
On the Crude Oil front the market is holding support and the May contract is currently trading at 6622 which is unchanged. The trading range has been 6675 to 6607. Later today we have the weekly API Energy Stocks and whisper numbers are calling for draws.
On the Natural Gas front the May contract is currently trading at 2.737 which is 1 ½ of a cent lower. The trading range has been 2.748 to 2.711. Cooler than normal temperatures are forecasted to stick around for a while which could lend support to this market.