Early in the open outcry session the market seemed to be in a congested mode until independent weather forecasters there is enough rain as the planting season begins. This help the profit takers to write sell orders and the trade went lower on light volume. In the overnight electronic session the March Corn is currently trading at 716 which is 4 ¾ cents lower. The trading range has been 721 to 715 ¼ so far. I still believe this is still creating a golden buying opportunity. Depending how you read the tea leaves both fundamentally and technically is showing me this market is poised to trade higher.
On the Energy Front the API stats showed a build of 3.2 million barrels on Crude while Gas and Distillates were down 1.6 and 1.3 million barrels respectively. News overseas may be the next headline to keep prices higher. In the overnight electronic session the March Crude Oil is currently trading at 9576 which is 53 points higher at this writing. The trading range has been 9587 to 9512 so far. Let’s gear up for the release of the Department of Energy data that may be a new headline to drive the market.
Have a Great Trading Day!
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