Iran is up to their same old games writing checks they cannot cash even with all the gifts the last administration gave to them in order for them to play nice. It was more like extortion an there is no doubt they are stirring the pot attempting to change the balance power in the region bullying their neighbors with their continues proxy war with Saudi Arabia. Investors seem concerned of rising U.S. production but their fears will diminish if the OPEC production cuts prevail. In the overnight electronic session the March crude oil is currently trading at 5440 which is 41 points higher. The trading range has been 5491 to 5428.
On the natural gas front the weather continues to make prices cheaper and cheaper leading producers to hold back on production at these price levels even with record exports, especially so close to spring, with winter looking more and more in the rearview mirror. In the overnight electronic session the April crude oil is currently trading at 2.667 which is 12 cents lower. The trading range has been 2.721 to 2.659.
On the corn front there is just not a lot of bullish news at the moment and the USDA Agriculture Outlook forum did little to quell the bearish sentiment with Acreage, yield, production and beginning stocks estimates. Also throw in Environment Protection Agency (EPA) head Scott Pruitt is talking about rolling back regulations of the Renewable Fuel Standard (RFS). In the overnight electronic session the March corn is currently trading at 364 which is unchanged. The trading range has been 365 ½ to 363 ½. Tomorrow is First Notice Day on all March Grains so today is the last day to rollover to avoid delivery.
On the ethanol front the April contract posted a 5 contract trade at 1.527 which was .006 of a cent lower. Open Interest is at 2,832 contracts. Very quiet in the market and the only buzz in the market is what Scott Pruitt’s intentions are with the regulations.