The U.S and Allies are raising the ante to oust Gaddafi from power as we continue bombing raids on Libya until he is out reported Steven Fidler, Adam Entous and Sam Dagher of the Wall Street Journal. Even though the rebels are in disarray, NATO seems committed to taking down this terrorist regime.
In May crude oil, we rallied over $108 a barrel yesterday primarily because of a bad jobs number and inflation concerns. In the overnight electronic session, May crude is current at 107.69, which is down 42 points as I write. The trading range has been 108.74 to 107.46. This market may have longs liquidating, taking profits and creating volatility. I believe that at the end of the day, traders will not want to go home net short. Call us for our entry levels.
On the corn front, May corn is trading at 746 ½, which is down 7 ¾ cents in the overnight electronic session with the trading range of 758 ¼ to 744. I continue to be long-term bullish. However, we may see some congestive trading in the next week with May options expiring next Thursday.
Have a Great Trading Day!