Just one day before the historic 75th anniversary that changed the world Japanese billionaire Masayoshi Son agreed to invest $50 billion and create 50,000 new jobs in the United States of America. Mr. Son CEO of SoftBank (OTC:SFTBY) (which owns Sprint (NYSE:S)) was quoted he would have never made this investment had the election went the other way. This job friendly and less government regulation new administration already has foreign investors believing the United States is a sound investment. This is something we have not heard in a while.
On the Corn front the wheels seem to be spinning at the moment losing the traction after Monday’s Export Inspections. In the overnight electronic session the March Corn is currently trading at 358 ½, which is 2 cents lower. The trading range has been 360 ½ to 357 ½.
On the Ethanol front the January contract posted a trade at 1.600, which is ½ of a cent lower. The market is currently showing 1 bid @ 1.596 and 1 offer @ 1.624.
On the Crude Oil front the market continues to weigh what the verdict of the OPEC non-OPEC meeting in Vienna on Friday and Saturday. Last night’s API data showed draws of 2.2 million barrels of oil and the market shrugged ahead of the assemblage at the end of the week. This market needs to be fed further bullish news. In the overnight electronic session the January contract is currently trading at 5035, which is 58 points lower. The trading range has been 5120 to 5024. This morning’s EIA data may add fuel to the bullish fire.
On the Natural Gas front exports and long-term weather forecasts continue to key this rally. In the overnight electronic session the January contract the January contract is currently trading at 3.735 which is 10 cents higher. The trading range has been 3.745 to 3.628. There is much more upside to surf this rally.
Have a Great Trading Day!