Spring Ahead or Fall Behind
Old Man Winter reminded us spring is still officially one week away and he will have the last laugh. This will be a busy week starting with Export Inspections today and the FOMC Meeting Tuesday and Wednesday. Also on Wednesday the 15th we have economic data released at 7:30 A.M. before the FED announces if it will in fact raise rates.
On the grain front the market seemed to trade very quiet in the overnight electronic session. Heavy rains are reported to be hitting Brazil again and no confirmations as of yet it could disrupt trucking the crops to port. In the overnight electronic session the May corn is currently trading at 362 ¼ which is 2 cents lower. The trading range has been 365 to 362 ¼.
On the ethanol front there were no trades posted in the overnight electronic session. The April contract settled at 1.520 and is currently showing 5 bids at 1.515 and 1 offer at 1.534 with Open Interest declining to 2,005 contracts.
On the crude oil front the slumping market rebounded off the lows in the overnight electronic session. The market technically is still in trouble and we could see another new low. However, the fundamentals paint an entirely different picture so I would look to eat like a bird and lightly try and buy value. In the overnight electronic session the April contract is currently trading at 4831 which is 18 points lower. The trading range has been 4854 to 4790.
On the natural gas front the market is now trading weather we were expecting all winter. Even as the market is oversold we may get a bounce, hopefully, this is the last winter storm of the season. In the overnight electronic session the April Natural Gas is currently trading at 3.068 which is 6 cents higher. The trading range has been 3.089 to 3.046.