We kickoff the first Friday of February with Unemployment with revisions going back to March 2019 that could see a negative impact according to some analyst but as Phil Flynn said after yesterday’s Jobless Claims I would not sweat it, the report comes out at 7:30 A.M. along with Wholesale Trade. At 10:00 A.M. we have Monetary Policy Report, Baker Hughes Rig-Count at 12:00 P.M., followed by Catfish Production and Consumer credit at 2:00 P.M. The coronavirus now has 400 million people under quarantine in China and the market is showing concerns the virus is spreading again On the Corn front the market is currently trading higher with the March contract current at 381 1/4 , which is 2 cents higher. The trading 382 to 380.
On the Ethanol front the March contract posted a trade at 1.328 and the market is currently showing 2 bids @ 1.327 and 1 offer @ 1.334 with one contract traded and Open interest at 348 contracts.
On the Crude Oil front Russia has agreed to a 600K barrels a day production cut but the coronavirus rears its ugly head with rising deaths and mounting quarantines that once again instilled fears to speculators in the marketplace. In the overnight electronic session the March Crude Oil is currently trading at 5033, which is 62 points lower. The trading range has been 5148 to 5022.
On the Natural gas front the March contract is currently trading at 1.852, which is 1 cent lower. The trading range has been 1.877 to 1.842. I do not believe we will see any excitement in this market until or unless we have a heatwave that will hang around for a while and have heavy use of air-conditioning units.
Have a Great Trading Day!
The Corn And Ethanol Report: February 07, 2020
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