Good Morning!
As we head into the Easter weekend the following reports are due out on Holy Thursday starting with Advanced Durable Goods, Export Sales and Initial Jobless Claims. The EIA Gas Storage data is due out at 9:30, which analysts are predicting an injection build for the first time in 2016.
On the Corn front the May contract is currently trading at 367 ¾, which is ¾ of a cent lower. The trading range has been 369 ¼ to 367 ½ so far. The market is deciphering weather and plantings in the weeks to come and with funds heavily short pricing in reality will have investors on edge.
On the Ethanol front weaker Energy and Corn prices are for once this market is not following suit. With no trades posted in the overnight electronic session the April contract settled at 1.409 and is showing 2 bids @ 1.419 and 2 offers @ 1.429.
On the Crude Oil front light volume is conducive to being the current rally killer. However, geo-political events will have investors concerned about holding on to positions heading into the long weekend. In the overnight electronic session the April contract is currently trading at 3894 which is 85 points lower. The trading range has been 3977 to 3878 so far.
On the Natural Gas front the April contract is currently trading at 1.786 which is .008 of a cent lower. The trading range has been 1.813 to 1.775 so far. Expect some fireworks after the EIA report if we show builds that have been forecasted.
Light volume could lead to overreactions in the markets so buckle up tour chinstraps.
Have a Great Trading Day!