The World is Watching
Good Morning!
We are not talking Bears & Packers as trade discussions continue between China and the U.S. and these negotiations seem to follow the pattern of talks with Canada and Mexico, which ends up as a good deal for both partners. This win–win situation also may include other commodities as well. The skepticism of traders has the Grain complex no making a knee-jerk reaction but the markets may make a move as these delicate negotiations continue to bear fruit. In the overnight electronic session the March Corn is currently trading at 385 ¼, which is a ½ of a cent higher. The trading range has been 386 to 383 ¾.
On the Ethanol front the market was active in the overnight electronic session with the January, February in March contracts trading. The January contract is currently trading at 1.264, which is .006 higher. The trading range has been 1.266 to 1.261. The market is currently showing 3 bids @ 1.261 and 4 offers @ 1.265 with 42 contracts traded and Open Interest at 1,714 contracts.
On the Crude Oil front the market refuses to stay below $50 a barrel but is struggling to make new highs. In the overnight electronic session the January Crude Oil is currently trading at 5135, which is 15 points higher. The trading range has been 5187 to 5108.
On the Natural Gas front the bears are in control with the January contract currently trading at 3.722, which is 10 ½ cents lower. The trading range has been 3.742 to 3.607. We are currently seeing a short covering rally from the lows but profit taking is profit taking and we are in a profit-taking business.
Have a Great Trading Day!