Pitchers & Catchers Reporting Soon
Good Morning!
The second week of January and football playoffs upon us we still are thinking ahead to America’s Pastime and warmer weather. And already we are talking about reducing Acreage as we follow weather in South America and what crop we can expect out of Argentina and Brazil and we will be trading headlines here in the good ole U.S.A. And acreage, weather and Ethanol we are in the big picture. In the overnight electronic session the March Corn is currently trading at 351, which is a ¼ of a cent lower. The trading range has been 351 ½ to 350 ¼. We are now hearing weather forecasts for another deep freeze, which should create some great conversations regarding acreage, weather and plantings.
On the Ethanol front the February contract is currently trading at 1.310, which is a ½ of a cent lower. The trading range has been 1.314 to 1.310 with 5 contracts traded and Open Interest at 1,596 contracts and the market is currently showing 3 bid @ 1310 and 4 offers @ 1.314.
On the Crude Oil front were starting off the week trying to accomplish a close over $62 a barrel. And with the thawing in weather we should see more activity with driving and other machines ready to dig out and we will see product moving and supplies stretched, which should induce buying and higher prices. In the overnight electronic session the February Crude Oil is currently trading at 6160, which is 16 points higher. The trading range has been 6195 to 6138.
On the Natural Gas front the market is trading like a pendulum with changing severe weather and changing weather forecasts. In the overnight electronic session the February contract is currently trading at 2.845, which is 5 cents higher. The trading range has been 2.869 to 2.804. We will see warmer temperatures followed by another Arctic blast that will keep the pendulum swinging freely.
Have a Great Trading Day!