Good Morning!
This morning starting at 7:30 A.M. we have the U.S. Trade Balance, Factory Orders at 9:00 A.M. and at 3:30 P.M. the weekly API Energy Stocks. Yesterday’s protracted number of reports with mixed signals had investors keeping their cards close to their vest. And the news of another terrorist attack this time in a St. Petersburg subway in Russia only to unsettle the marketplace further and prove we should be united in destroying these cowardly bastards by the bushel and wipe them off the face of the earth.
On the Corn front the Grain complex is up early because of the heavy rains and flooding’s slowing the start of plantings. Soybeans are higher in the overnight electronic session and I am asking myself where is a good selling point. The May Corn is currently trading at 368 ½, which is ¾ of a cent higher. The trading range has been 369 ¼ to 366 ¾. Three keys to this early bull run are exports, plantings and weather.
On the Ethanol front the April contract unwinds to expiration tomorrow April 5 and there were no trades posted in the overnight electronic session. The May contract settled at 1.640 and is currently showing 3 bids @ 1.624 and 1 offer @ 1.639. Corn and Energy prices in this shoulder season may strike a rally regardless of Environmental Protection Agency (EPA) and Renewable Fuel Standards (RFS) fears.
On the Crude Oil front the higher U.S. dollar and pressure on the stock market led to the selloff. In the overnight electronic session the contract traded below $50 a barrel. The market has turned around
And is currently trading at 5055 which is 31 points higher. The trading range has been 5064 to 4988 and is looking bullish with signals pointed to bullish inventories in the weekly API Energy Stocks at 3:30 P.M.
On the Natural Gas front there is no real news to drive the market at this point. The May contract is currently trading at 3.148, which is 2 cents higher. The trading range has been 3.162 to 3.121.
Have a Great Trading Day!