Good Morning!

We kickoff the day with Redbook YoY and MoM at 7:55 A.M., Home Price Index at 8:00 A.M., Fed Kaplan speech at 8:45 A.M., Consumer Confidence and Richmond Fed Manufacturing Index at 9:00 A.M., 52-Week Bill auction at 10:30 A.M., 2-Year Note auction at 12:00 P.M., Fed Clarida Speech at 2:00 P.M., and API Energy stocks at 3:30 P.m. On the Corn front we are seeing prices stabilize after yesterday’s freak out free fall. Today we are seeing investors doing finishing touches to window dressing and taking small profits as we await the next headline. In the overnight electronic session the March corn is currently trading at 374 1/4 , which is 2 cents higher. The trading range has been 374 3/4 to 371 1/4 .

On the ethanol front the April contract posted a trade at 1.345, which is .013 higher with 10 trades passing hands. The market is currently showing 7 bids @ 1.333 and 3 offers @ 1.345 with Open interest at 346 contracts. We are also seeing rollover activity pick up in the March and May contracts.

On the Crude Oil front the market is treading water trying to decide demand destruction is in play or did the market overplay its hand and not looking at the huge demand cycle on the backend of the coronavirus epidemic. Also Russia is playing hardball with OPEC+ production cuts, which is adding further pressure to the market this morning. We also have the API energy Stocks at 3:30 P.M. In the overnight electronic session the April Crude Oil is currently trading at 5125, which is 18 points lower. The trading range has been 5202 to 5107.

On the Natural gas front Last Trading Day on the March contract is tomorrow. The winter weather monster storm that was foretasted has been downgraded and not as bad as initially advertised. That should be very bearish news. In the overnight electronic session the March contract is currently trading at 1.857, which is 3 cents higher. The trading range has been 1.862 to 1.819.

Have a Great Trading Day!

The Corn And Ethanol Report: February 25, 2020

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