We kicked off the day with MBA Mortgage Market Index (28/Jan), MBA Mortgage Refinance Index (28/Jan), MBA Purchase Index (28/Jan), MBA Mortgage Applications (28/Jan), and MBA 30-Year Mortgage Rate at 6:00 A.M., ADP Employment Change (Jan) at 7:15 A.M., EIA Energy Stocks at 9:30 A.M. and Dairy Product Sales at 2:00 P.M.

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On the Corn front, the market is coming in stronger this morning. Between the little rodent picking six more weeks of winter if you live in the Midwest you received an education with snowfall this morning and in some area HEAVY WITH MORE ROUNDS OF STORMS TO COME. We do have supplies in Brazil down and we expect more business will move to US product to many countries. In other news there was a fire at a fertilizer factory in Winston-Salem which forces thousands of residents to evacuate their homes over concerns of a chemical explosion. There were no deaths or injuries reported. Truckers may strike here in the US following Canada’s lead and it just seems logistics are in trouble from a year ago when Covid-19 was peeking and the truckers kept the food chain rolling. God Bless! In the overnight electronic session the March corn is currently trading at 639 which is 4 ¼ cents higher. The trading range has been 640 3/4 to 633 ¼.

On the Ethanol front, ethanol for ethanol use was up sharply on the year. The USDA says December corn for ethanol use was 485,816 million bushels up 4% from November as ethanol margins shot higher encouraging production. It was up 13% from December 2020 hit by demand concerns caused by the pandemic. There were no trades or open interest in ethanol futures.

On the Crude Oil front, even with builds in gasoline the energy markets are soaring. We have winter weather a trucker strike past looming and were paying at the pump and the grocery store just to name a couple. We’re seeing soaring energy prices with energy dependency all over the place caused by OPEC+ and to think we were energy independent. A person must ask, why did we throw it away. We are paying across the board and fearful of the US stepping into a conflict caused by energy itself. In the overnight electronic session the March crude oil is currently trading at 8952 which is 132 points higher. The trading range has been 8972 to 8786.

On the natural gas front the spot market is rolling with this winter weather and huge demand. In these days keeping up with the little things tend to turn into big things. Tomorrow we will have the EIA Gas storage data at 9:30 A.M. In the overnight electronic session the March natural gas is currently trading at 5.273 which is 0.522 higher. The trading range has been 5.371 to 4.857.