The World Waits
Good Morning!
We kickoff the day with Export Inspections at 10:00 A.M. and the weekly API Energy Stocks will be delayed until tomorrow due to the Presidents Day holiday. What investors are gearing for this week is positive news with the U.S.-China trade talks. There will be winners and losers, but if the trade talks go there will be a lot of winners in the free trade markets and U.S. farmers are waiting to cash in on the benefits we will reap as other countries. In the overnight electronic session the March Corn is currently trading at 375, which is a ¼ of a cent higher. The trading range has been 3761/4 to 374.
On the Ethanol front the March contract is currently trading at 1.327, which is .002 lower. The trading range has been 1.341 to 1.327. 42 contracts passed hands and Open Interest is declining to 1,215 contracts. The market is currently showing 4 bids @ 1.325 and 2 offers @ 1.344.
On the Crude Oil front the market is anticipating bullish news on the U.S.-China trade talks. Today is a slow news day. The technicals look bullish and the March contract expires tomorrow. This could put a shake & bake in the market, but if we get solid fundamental news this market could spike in a big way. In the overnight electronic session the April Crude Oil is currently trading at 5575, which is 22 points lower. The trading range has been 5673 to 5566.
On the Natural Gas front the March contract is currently trading at 2.630, which is a ½ of a cent higher. The trading range has been 2.665 to 2.600. Even with February weather we are moving closer to shoulder season.
Have a Great Trading Day!