As the snow and rains hightail it out of here we start off the shortened holiday week with Export Inspections at 10:00 A.M., NOPA Crush at 11:00 A.M. and Crop Progress at 3:00 P.M. The weather has not been conducive to keeping the soggy farmlands from any chance of drying out. We are also keeping a keen eye on developments in the ongoing negotiations with the latest talks are over anti-dumping measures on U.S. Distiller Grains. The market is trading mainly on weather risk this morning as we start hearing news of South America’s harvest. In the overnight electronic session the May Corn is currently trading at 364 ¼ which is 3 ¼ cents higher. The trading range has been 364 ¼ to 361.
On the Ethanol front the market is currently trading at 1.337 which is .007 higher in the May contract. The trading range has been 1.337 to 1.333. 5 contracts traded and Open Interest is down to 798 contracts. The market is currently showing 2 bids @ 1.333 and 2 offers @ 1.338. Gas shortages are leading to higher prices at the pump so expect Ethanol shortages and prices to follow suit.
On the Crude Oil front we are hearing whispers that OPEC may increase production which is pressuring the market early and taking the winds out of the sails that ran the market last week. In the overnight electronic session the May Crude Oil is currently trading at 6361 which is 28 points lower. The trading range has been 6384 to 6314. Keep in mind that Tuesday afternoon and Wednesday’s report on Energy stocks could have a big impact as we have a short week in observance of Good Friday.
On the Natural gas front the bears continue to hold the bulls by the horns even with a lot of profit taking early last week. In the overnight electronic session the May Natural Gas is currently trading at 2.610 which is 5 cents lower. The trading range has been 2.653 to 2.602.
Have a Great Trading Day!