Good Morning!
The numbers I indicated in yesterday’s report on the API data were not as bullish as indicated, with Crude inventories up 2.6 million barrels but not as bearish as the street predicted. Janet Yellen’s comments seemed to soothe the market ahead of the April 26 and 27 FOMC meetings. A cheaper U.S. dollar was welcome news to the markets as well.
On the Corn front the market is trading in a tight trading range like the rest of the complex in the overnight electronic session. The May Corn is currently trading at 372 ¾, which is ¼ of a cent lower. The trading range has been 373 to 372. Investors and Farmers alike are wary of the weather module forecasting another polar vortex next weekend tomorrow's Grain Stocks and Prospective Plantings.
On the Ethanol front there were no trades posted in the overnight electronic session once again. The April contract settled at 1.449 and is posting 1 bid @ 1.445 and 1 offer @ 1.469.
On the Crude Oil front the market loves Janet Yellen, a weaker dollar and last night’s API data. The EIA will confirm the data this morning. In the overnight electronic session the May contract is currently trading at 3886 which is 58 points higher. The trading range has been 3908 to 3845.
On the Natural Gas front the market may be pricing in tomorrow’s EIA Gas Storage, Friday’s Rig Counts, next week’s predicted polar vortex and Janet as well. In the overnight electronic session the May contract is currently trading at 2.007, which is .026 cents higher. The trading range has been 2.015 to 1.976.
Have a Great Trading Day!