Good Morning!
Talks with China are going well and Corn sales have been the centerpiece of Trump’s trade war after Beijing slapped tariffs on U.S. Agriculture products. Grain growers and investors are interested in purchasing other commodities. President Trump was quoted, "March 1 is not a magical date.” Let’s hope President Trump and President Xi can meet head to head and iron out an iron clad agreement. In the overnight electronic session the March Corn is currently trading at 372, which is 2 ¼ cents higher. The trading range has been 373 ½ to 371 ¼.
On the Ethanol front this market is anxiously awaiting more positive news on trade talks. China said it will import U.S. Ethanol, which would be a game-changer with imports of U.S. Corn to solidify their desire to have Ethanol a huge part of their Energy consumption. In the overnight electronic session the March contract is currently trading at 1.326, which is .012 higher. The trading range has been 1.326 to 1.316. 12 contracts traded and Open Interest is at 1,123 contracts. The market is currently showing 2 bids @ 1.314 and 1 offer @ 1.319.
On the Crude Oil we have the March contract expiring today and we have the weekly API Energy Stocks at 3;30 P.M. In the overnight electronic session the April Crude Oil is currently trading at 5609, which is 36 points lower. The trading range has been 5677 to 5596.
On the Natural Gas front we are trading higher with the winter storms slamming the Mid-West and Mid-Atlantic states. In the overnight electronic session the March Natural Gas is currently trading at 2.682, which is 2 cents higher. The trading range has been 2.688 to 2.646.
Have a Great Trading Day!