API Energy Stocks & New Home Sales Today
The Crop Progress and Condition report failed to sway the bears into any short covering, even with the heavy short positions the carry, and even with predictions of further wet and cool spring— which may reduce acreage and yields.
In the overnight electronic session the July Corn is currently trading at 372 ¼ which is 2 ¾ cents lower. The trading range has been 375 ½ to 372. Investors are banking on regardless of the weather odds the crop will be plentiful by harvest.
On the ethanol front the July contract posted a trade at 1.476 which is .023 cents lower. The market is currently showing 1 bid @ 1.476 and 1 offer @ 1.499 with Open Interest at 1,260 contracts.
On the crude oil front we have the weekly API Energy Stocks. OPEC seems certain to extend production cuts while President Trump plans to sell U.S. stocks from the Strategic Petroleum Reserves (SPR) as part of his budget proposal to drive futures prices lower. In the overnight electronic session the July Crude Oil is currently trading at 5103 which is 10 points lower. The trading range has been 5123 to 5057.
On the natural gas front the market is coming in lower after rallies in past trading sessions. In the overnight electronic session the June contract is currently trading at 3.280 which is 5 cents lower. The trading range has been 3.333to 3.272.