Good Morning!
We kickoff the day with EIA Energy Stocks at 9:30 A.M., Dairy Product Sales at 2:00 P.M. and the Fed announcement on Interest Rates at 1:00 P.M. Whispers on the street is the Fed will hold rates in check until the June 13 announcement. I would like to say, “All is quiet on the quiet on the Western Front” but Robert Mueller continues his witch hunt with no facts to back it up. We also face a serious problem with Iran once again lying to the global community. It is obvious there is no collusion with Russia with Trump but if you connect the dots you can see Uranium 1 and the Clinton Foundation conspired to get rich quick with no integrity whatsoever. Also the past administration put us in this predicament with the Iran Nuke Deal.
Mueller and Comey should be hung, drawn and quartered. Let’s Make America Great Again! In the overnight electronic session the July Corn is currently easing a little bit from a strong close in yesterday’s trading session. The market is currently trading at 405 ¼, which is a ½ of a cent lower. The trading range has been 405 ½ to 404. Weather conditions now favor the farmer and plantings should increase dramatically. While warm temperatures will bring rain with this warm front the ground is surprisingly dry. A perfect time for farmers to catch up and not be behind the eight ball. On the Ethanol front the June contract is currently trading at 1.462, which is .012 higher. The trading range has been 1.462 to 1.460. 9 contracts changed hands and the market is currently showing 1 bid @ 1.459 and 2 offers @ 1.463 with Open Interest at 869 contracts. The July contract is moving swiftly gaining on Open Interest as that contract is in the heart of the summer driving season and we will see demand further pick up with a robust economy.
On the Crude Oil front last night’s API data showed builds in Crude Oil of 3.427 million barrels, Gasoline stocks showed builds of 1.602 million, Cushing showed builds of 725 thousand barrels but the story was the draw in Distillates of 4.083 million barrels, which will pressure buyers of Diesel and Jet Fuel. This morning’s EIA Energy Stocks could paint a different picture and the geo-political front could lead to further shortages. In the overnight electronic session the June Crude Oil is currently trading at 6733, which is 8 tics higher. The trading range has been 6785 to 6720. On the Natural Gas front the June contract is currently trading lower in the overnight electronic session. The June contract is currently trading at 2.772, which is 3 cents lower. The trading range has been 2.811 to 2.770.
Have a Great Trading Day!