NYSE and FOMC Meeting Regular Schedule
The New York Stock Exchange will have normal trading hours and the FOMC Meeting will go on as regularly schedule despite the weather.
On the grain front the NOPA Soy Crush due out tomorrow at 11:00 A.M. Soy Stocks as of February 28th would come in at 1.747 billion Lbs. up from 1.629 at the end of January. Forecasters of Soy stocks range anywhere from 1.674 to 1.850 billion Lbs.
More news coming from Informa Economics raising projection of planted acreage with corn plantings rising to 90.8 million acres versus January’s forecast of 90.489 million. Soybean acreage has grown to 88.7 million versus 88.647 in January while all-wheat plantings for2 2017 harvest at 45.6 million acres. Last Trading Day for all March Grains. If you still have a position and not a commercial time is not on your side. In the overnight electronic session the May Corn is currently trading at 360 ½ which is a ½ of a cent lower. The trading range has been 361 ½ to 360.
On the ethanol front there were no trades posted in the overnight electronic session. The April contract settled at 1.533 and is currently showing 1 bid at 1.525 and 1 offer at 1.532 with declining Open Interest at 1,833 contracts. At the pace the April Open Interest is declining and the May is increasing and should have more open contracts by the end of the week.
On the crude oil front the market just sold off huge after trading higher in the overnight electronic session. The charts look sick but a breaking unconfirmed headline this morning has the Saudi’s announcing they will raise production. This is just the untimely headline or unconfirmed “fake news”,( No pun intended), story that could break bullish investors back. Tonight we have the weekly API data that may put a bullish wind in our sales or the bears can be looking at the winter storms across the Atlantic coast as being demand destruction. In the overnight electronic session the April Crude Oil is currently trading at 4776 which is 64 points lower. The trading range has been 4879 to 4759.
On the natural gas front the market is trading in a chop after the last flurry of buying as investors and forecasters try and predict how long the winter storms aftereffect. In the overnight electronic session the April contract is currently trading at 3.048 which is a ½ of a cent higher. The trading range has been 3.063 to 3.016.