The Prospective Plantings leaned to more Soybeans (NYBOT:JSK14) being planted than Corn (NYBOT:JCK14). That was a little bit of a surprise but the numbers were not far enough away from trader's anticipation. In the overnight electronic session the May Corn is currently trading at 506 which is 4 cents higher. The trading range has been 508 to 501 ¼. The market could be on a breakout after this bullish number. Stay Tuned!
On the Ethanol (CBOT:FZK14) front there were no trades posted last night. The May contract settled at 2.701 and is showing 1 bid at 2.707 and 1 offer at 2.810 with the market following the Corn trade after the planting report.
On the Crude Oil (NYMEX:CLK14) front the May contract is currently trading at 10141 which is 17 points lower in the overnight electronic trading session. The trading range has been 10157 to 10101. Fear premium has lightened up in this market for now, but still exists and for now we look directionless going into tonight's API weekly inventory data.
On the Natural Gas (NYMEX:HPK14) front the May contract is currently trading at 4.326 which is .045 cents lower in the overnight electronic session. The trading range has been 439 to 4.324 so far. The market is easing off end of the quarter blues and I still believe it is a screaming buy.