Oil begins removing fear premium

The government avoided a shutdown for now. Harry Reid's statement that Republicans are responsible for killing thousands of woman due to the stalemate on spending is really irresponsible. Boy! If he was so determined to get the budget passed during the fiscal year and not put all of his attention on getting re-elected, the country would not have been in the predicament it is now racing at the last minute to get the job done, which again is late.

In the overnight electronic session, May Crude Oil is trading at 111.71 which is down 108 points at this writing. The trading range has been 113.46 to 111.53 so far. News of a cease fire in Libya and possibility of Gadaffi stepping down and NATO to halt hostilities has eased fear premiums in the market for now coming off 1% off Fridays highs.

On the corn front, the May contract is trading at 769 ¾ which is up 1 ¾ cents at this writing. The trading range has been 783 ¾ to 760. The market remains strong on continued bullish fundamental factors that we have spoken in previous market reports. No change in my thinking here as we have weekly Export Inspections and Crop progress.

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