Corn Closes Lower On Weather. The Corn & Ethanol Report

On the Crude Oil front, the market rallied in the overnight with crude stocks down 7.199M, Cushing -2.550, gasoline +0.959M, and distillates +0.992M. This is a very bullish number overall and traders who bought value going down yesterday are licking their chops going into the EIA Energy Stocks later this morning. In the overnight electronic session, the August crude oil is currently trading at 7343 which is 58 points higher. The trading range has been 7358 to 7282.

On the Natural Gas front, the market is on a roll with product expected to move regardless of the administrations dead-end policies on pipelines. Export demand is picking up and is expected to continue and extreme weather most definitely will push demand even higher here at home. Tomorrow's EIA Gas Storage number could either put the brakes on the steady upstream in prices or have a bigger rally after the number. In the overnight electronic session, the July natural gas is currently trading at 3.292 which is .034 cents higher. The trading range has been 3.294 to 3.250.

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