Good Morning!
This morning at 7:30 we have the weekly Export Sales and Initial Jobless Claims followed by EIA Gas Storage at 9:30; finally at 2:00 P.M. Consumer Credit. Also investors are banking on (no pun intended) that the Bank of Japan will not intervene to stabilize the yen and overtones of a dovish Fed is still not a given the Fed at the FOMC meeting April 26th and 27th would be the day.
On the Corn front the market is trading a tad higher but still trading a little indifferent. Yesterday’s rally toward the close in Soybeans and Corn but not Wheat just seemed to be a short-covering rally. I do expect prices to rise once we get through the cool temperatures and the rain mixed with snow on the horizon this early spring that will keep investors guessing. In the overnight electronic session the May Corn is currently trading at 359, which is 1 cent higher. The trading range has been 361 to 357 ½ so far.
On the Ethanol front there were no trades posted in the overnight electronic session. The May contract settled at 1.499 and is currently showing 1 bid @ 1.506 and 1 offer @ 1.520. The market may have picked up interest as we head into the summertime driving season and what the Ethanol mandate will be.
On the Crude Oil front the May contract is currently trading at 3757 which is 18 points lower in the overnight electronic session. The trading range has been 3830 to 3743 so far. Depending on how the dollar trades versus the yen and if the Stock Market recovers we could test $39 a barrel and possibly $40 a barrel before tomorrow’s trading session close.
On the Natural Gas front we have the weekly EIA Gas Storage data and the average guesstimate is an injection of 8 bcf. The estimate is compared to a draw of 25 bcf last week, an injection of 6 bcf a year ago and the five year average of roughly 19 bcf. A Thomson Reuters poll of 20 analyst estimating injections anywhere of 4 bcf to 30 bcf. In the overnight electronic session the May contract is currently trading at 1.935 which is .024 cents higher. The trading range has been 1.936 to 1.892 so far.
Contributing to the data, Vijaykumar Vedala from Thomson Reuters.
Have a Great Trading Day!