Today is FIRST NOTICE DAY on all May Grains so Rollover, Liquidate, or just stay out of this month because you do not want to retender a Delivery Notice!
In the overnight electronic session the July Corn (NYBOT:JCN14) is currently trading at 517 ½ which is 4 cents lower at this writing. The trading range has been 521 ½ to 517 so far. The market is seeing profit taking from the recent weather premium built into this market. I still see some more upside even though the bears want to pile on.
On the Ethanol front the June contract posted a trade at 2.220 which is .003 of a cent higher. The market is trading on light volume and is following the Corn and Energy sectors lead.
On the Crude Oil (NYMEX:CLM14) front all eyes continue to focus on events out of the Ukraine and the consequences our allies in Europe must feel under Russia's Cold War Tactics. Oh Please, Where is Ronnie Reagan now? As he was quoted, "communism is on the ash heap of history." And General Patton said, "Let leaders lead, followers follow the rest of you get out of the way." Another factor in this market has been key to the selloff was the weekly API Stocks which showed domestically we are swimming in supply.
In the overnight electronic session the June Crude Oil is currently trading at 11013 which are 115 points lower. The trading range has been 10076 to 10000 so far. The market is chop continues as we gauge fear premium with supplies abroad versus domestic supplies and switching to summer time blends.
On the Natural Gas front the June contract is currently trading at 4.803 which are .028 cents lower. The trading range has been4.843to 4.798 so far. The market seems to be easing going into tomorrows EIA Gas Stock Storage data. Remember we are playing catch up after last winter and this sector is one headline away from running with the bulls again.
Employment Cost Index and Q1 Gross Domestic Product (GDP) at 7:30 A.M. Chicago Purchasing Managers Index (PMI) at 9:00 A.M. EIA Energy Stocks at 9:30 A.M. and Dairy Product Sales at #:00 P.M. and the ending of the FOMC meeting today. I fought the Fed and the Fed won
Just joking folks. We have a lot to swallow on this day at the end of the month.
Hopefully April Showers will Bloom May Flowers.