1st Quarter GDP Today
We start off the day with GDP at 7:30 A.M. and API Energy Stocks at 3:30 P.M. U.S. corn seen at 72% is good-to-excellent in the USDA weekly Crop Progress report. In the overnight electronic session the July Corn is currently trading at 396 ¾ which is 3 ¼ cents lower. The trading range has been 398 ½ to 396. We will be trading Mother Nature with all the wacky weather we are experiencing.
On the Ethanol front the July contract is currently trading at 1.449 which is .006 lower. 1 contract changed hands and Open Interest is at 1,188 contracts. The market is currently showing 1 bid @ 1.496 and 2 offers @ 1.501.
On the Crude Oil front what started this 8% was last week’s 6 million barrel build in the EIA weekly inventories that just did not make any sense or even add up, geo-political bouncing football news, Russians and Saudi’s saying they will boost production in 2019 when we still have to get through the 2018 summer driving season and now we have Italian news to contend with coming back from the Memorial Day weekend which we were fed a lot of news going into the weekend. In the overnight electronic session the August Crude Oil is currently trading at 6710 which is 37 points higher. The trading range has been 6729 to 6635.
On the Natural Gas front the July contract is currently trading at 2.893 which is 1 cent lower. The trading range has been 2.906 which is 1 cent higher. The trading range has been 2.906 to 2.880. I am still remaining on the sidelines with this market.