We kickoff the day with Personal Income, Wholesale Inventories, Goods Trade Balance, PCE Price Index MoM and YoY and Core Price Index MoM and YoY at 7:30 A.M., Fed Bullard speech at 8:15 A.M., Chicago PMI at 8:45 A.M., Michigan Consumer Expectations, Michigan 5-Year Inflation Rate, Michigan Current Conditions, Michigan Inflation Expectations, and Michigan Consumer sentiment at 9:00 A.M., Baker Hughes Oil Rig and Total Rig Counts at high noon. The coronavirus continues to cause pandemonium in the global markets. It seems every time the market starts to recover we get another bearish headline that drives traders in panic mode and we make new lows. On the Grain front we have First Notice Day on all March contracts today. This sector is feeling the heat as well. The May corn is currently trading at 368, which is unchanged. The trading range has been 368 1/2 to 365 3/4 .
On the Ethanol front the April contract posted a trade at 1.245, which is .026 lower. The market is currently showing 9 bids @ 1.245 and 2 offers @ 1.290 with 5 contracts traded and Open Interest at is at 372 contracts.
On the Crude Oil front there are a few things to consider that may buoy the market. And that would be OPEC production cuts to the tune of 1 million barrels a day, while dramatically halting exports to China, which is a production cut in itself and also the FED may take emergency action on Interest Rates before the March meeting. In the overnight electronic session the April crude Oil is currently trading at 4568, which is 141 points lower. The trading range has been 4703 to 4495.
On the Natural gas front warmer temperatures on the way coupled with heading into shoulder season will be a drag on this market with the pandemic icing on the cake. In the overnight electronic session the April contract is currently trading at 1.692, which is 6 cents lower. The trading range has been 1.750 to 1.642.
Have a Great Trading Day!
The Corn And Ethanol Report: February 28, 2020
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