Good Morning!
This morning we have Export Sales and Initial Jobless Claims at 7:30 A.M. followed by the EIA Gas Storage at 9:30 A.M. Tomorrow we have Wholesale Trade at 7:30 A.m. and the monthly Crop Production and USDA Supply/Demand data at 11:00 A.M. In the overnight electronic session the March Corn is currently trading at 359 ¾, which is 1 ¾ of a cent higher. The trading range has been 359 ¾ to 357. Demand is adding crucial support to the rally as the U.S. dollar retreats under par again while the euro is trading on fear and uncertainty of the longevity of their crumbling union. Mario Draghi is speaking now and talking of more stimulus as this saga continues with what will become of the community with Italy the next exit.
On the Ethanol front there were no trades posted in the overnight electronic session. The January contract settled at 1.647 and is currently showing a wide spread of 1 bid @ 1.592 and 1 offer@ 1.707.
On the Crude Oil front the market corrected before this weekend’s meeting of OPEC and non-OPEC nations to solidify participation of production cuts. As we have seen on the API and EIA Energy Stocks this week, the crude numbers looked bullish up until Cushing, Oklahoma the energy hub has shown builds not seen since 2009. This market is trading on demand and will be monitoring energy consumption, which should point to bullish prices in the future. In the overnight electronic session the January Crude Oil is currently trading at 5003, which is 26 points higher. The trading range has been 5045 to 4961.
On the Natural Gas front we have the weekly EIA Gas Storage data and the Thomson Reuters poll of 18 analyst participating are showing expectations of draws anywhere from 32 to 67 billion cubic feet (bcf) This compares to last week’s decrease of 50 bcf, 69 bcf a year ago and the five-year average of 61 bcf. With the Arctic front rapidly approaching this could be a boon for Natural Gas bulls. In the overnight electronic session the January contract is currently trading at 3.633, which is 3 cents higher. The trading range has been 3.636 to 3.503.
Have a Great Trading Day!