We started off the day with MBA Mortgage Market Index (31/Dec), MBA Mortgage Refinance Index (31/Dec), MBA Purchase Index (31/Dec), MBA Mortgage Rate (31/Dec) at 6:00 A.M., ADP Employment Change (Dec) at 7:15 A.M., Markit Composite PMI Final (Dec) and MBA Markit Services PMI Final (Dec) at 8:45 A.M., EIA Energy Stocks at 9:30 A.M., NY Fed Treasury Purchases 22.5 to 30 yrs. at 10:20 A.M and FOMC Minutes at 1:00 P.M.

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On the Corn front, we traded sharply higher on news South America weather could drop total 2022 corn production the USDA posted. Farmers sold cash last week but maybe done for now. Not only are we strong on dry weather in South America but exports are weighing in to support a further rally. In the overnight electronic session, the March corn is currently trading at 606 ½ which is 3 cents lower. The trading range has been 609 ¾ to 605.

On the Ethanol front, the UK E10 will drive European ethanol demand in the New Year as well as European blending rates will widen the 2022 ethanol deficit. Prices, structure, and volatility is expected to stabilize in a post-lockdown environment. There were no trades or open interest in the ethanol futures.

On the Crude Oil front, the market is rolling. OPEC+ decided to stick to their agreed output target in February as a spike in Covid-19 cases caused by the Omicron variant. API Energy Stocks rose as we await the EIA stocks data. In the overnight electronic session, the February crude oil is currently trading at 7780 which is 81 points higher. The trading range has been 7796 to7651.

On the Natural Gas front, this market has come around and is trading higher as we realize an Arctic blast in the lower 48. Welcome to winter. The market is trading near the highs and in the overnight electronic session, the February contract is currently trading at 3.833 which is 0.116 higher. The trading range has been 3.843 to 3.717.