More Gloom & Doom Headlines
The Stock Market had a reversal of fortunes as the Asian markets were down and talk of new hurdles to jump in the U.S.-China trade negotiations. Although the Grain complex is holding their own as the delicate balance in the trade talks knows no boundaries which a good deal is essential for both parties. In the overnight electronic session the March Corn is currently trading at 375 ¼ which is 1 ¼ of a cent higher. The trading range has been 375 ¾ to 374. With drought stressing the Brazil crop while rains and flooding are causing harm to the Argentine crop this should overall be good news for bulls on the U.S. market.
On the Ethanol front there were no trades posted in the February contract while the March contract posted a trade at 1.273 which is .008 lower. The March contract had 145 trades pass hands and Open Interest is climbing to 579 contracts. The market is currently showing 3 bids @ 1.272 and 2 offers @ 1.282.
On the Crude Oil front the market followed the slide in the Stock Market with the glitch in trade talks. I do expect the market to rebound with basic supply and demand issues. In the overnight electronic session the February Crude Oil is currently trading at 5141 which is 90 points lower. The trading range has been 5236 to 5104.
On the Natural Gas front the market is higher based on the cold and snowy forecast this weekend and heading into next week. We do have the EIA Gas Storage number at 9:30 A.M. In the overnight electronic session the February Natural Gas is currently trading at 3.534 which is 15 cents higher. The trading range has been 3.593 to 3.393.