Corn Export Inspections Rebound. The Corn & Ethanol Report

On the Crude Oil front, prices in Asia were down in midmorning trade on coronavirus concerns and a downward revision of OPEC’s 2021 demand forecast. Another complication is Iran is expecting the U.S. to lift sanctions next year and they could flood the market with oil if their infrastructure was maintained well and does not need heavy work, they could start rolling out the barrels in the market again. We have the API today and the U.S. market is holding up in the early going. In the overnight electronic session, the January crude oil is currently trading at 4740 which is 41 points higher. The trading range has been 4752 to 4653. On the Natural Gas Front an article written by James Hyerczik with FX-EMPIRE, shorts are defending 2.685 ahead of the east coast winter storm that is forecasted to be a large one and the biggest seen in several years. Natural gas futures are trading lower after the shift in weather forecast to colder temperatures yesterday that triggered a short-covering rally which was stopped by a key technical area, setting up a possible retracement into a key support level. In the overnight electronic session, the January natural gas is currently trading at 2.606 which is .076 lower. The trading range has been 2.694 to 2.596.

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