We started off the day with NFIB Business Optimism Index (Mar) at 5.00 A.M., Core Inflation Rate MoM & YoY (Mar) and Inflation Rate MoM & YoY at 7:30 A.M., Redbook YoY (09.Apr) at 7:55 A.M., IBD/TIPP Economic Optimism (Apr) at 9:00 A.M., Fed Brainard Speech at 11:10 A.M., 10-Year Note Auction at 12:00 P.M., Monthly Budget Statement(Mar) at 1:00 P.M., API Energy Stocks at 3:30 P.M. and Fed Barkin Speech at 4:30 A.M.

image source

On the Corn Front the market ended mixed in yesterday’s session. Weekly US corn exports were near 55.8 million bushels vs. 68.0 last year. Funds are reducing longs before the nice long Easter Weekend. The market is still wary of the South American crop, exports from the Ukraine. And what is their chances of winning the war and try and rebuild their market. US farmers will be also contending with rough planting conditions and an extreme weather market. In the overnight electronic session the May corn is currently trading at 771 ¾ which is 7 ¼ cents higher. The trading range has been 774 ½ to 765.

On the Ethanol Front President Biden is off to give a speech in Des Moines Iowa to make a speech and corn growers and the ethanol industry are hoping it will be diluting E15 into gasoline. He will definitely have their undivided attention. There were no trades or open interest posted in ethanol futures.

On the Crude Oil Front the fears of a lockdown in China, and upcoming recession and headlines abound is somewhat a reminder when the market went negative. Just too many headlines to make sense of it all. So far it has been Turnaround Tuesday, OPEC warns the EU that replacing Russian Oil will be nearly impossible. Instead of going to Des Moines the President should stop handcuffing permits, get the refineries moving, Open up Anwar, open the Keystone Pipeline invest in offshore drilling. It would also be a boon to the jobs market. In the overnight electronic session the May crude oil is currently trading at 9794 which is 365 points higher. The trading range has been 9863 to 9484.

On the Natural Gas Front we will be supported in the market with a late winter blizzard. It will pack a punch and leave snow behind its path. We will be watching this one. In the overnight electronic session the May natural gas is currently trading at 6.776 which is 0.133 higher. The trading range has been 6.843 to 6.672.