Happy Anzac Day Australia!
We have a whole slew of earnings already out today and more released during the day and after the close. It will be interesting to see Chicago based Boeing’s earnings. We also have EIA Energy Stocks at 9:30 A.M. and Dairy Product Sales at 2:00 P.M. On the Corn front, the May contract is currently trading at 382 3/3 which is 1 ½ of a cent higher in the overnight electronic session.
The trading range has been 383 to 380 ½. Even though we are trading higher at the moment, I would not write too much in a rally unless it is a technical rally and weather is allegedly going to warm up and farmers will work at a fevers pitch to get crops planted. Although I believe the corn has the most to offer in the complex, we will need to get hot and dry weather later which will give the crop a double-whammy and prices should fly. On the Ethanol front, there were no trades posted in the overnight session. The June contract is currently showing 1 bid at 1.459 and 1 offer at 1.470 with climbing open interest at 770 contracts.
On the Crude Oil front, last night’s API showed builds on crude of 1.099 million barrels, draws on gasoline at 2.724 million barrels, distillates down 1.911 million and Cushing down 970 thousand barrels. In the overnight electronic session, the June Crude Oil was not able to punch through $68 a barrel retreating while waiting for the EIA Energy Stocks data. Will still have plenty a bullish fundamentals in play. In the overnight electronic session the June Crude Oil is currently trading at 6764 which is 6 tics lower.
The trading range has been 6799 to 6745. On the Natural Gas front, it is Option Expiration Day for the May contract and Last Trading Day tomorrow. So we will focus on the June contract which in the overnight electronic session is currently trading at 2.814 which is unchanged. The trading range has been 2.825 to 2.812. The futures continue to trade premium to the cash market leaving investors and producers scratching their heads.