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We start off the day with Export Sales, Initial Jobless Claims (02/Apr), Jobless Claims 4-Week Average (02/Apr) and Continuing Jobless Claims (26/Mar) at 7:30 A.M., Fed Bullard Speech at 8:00 A.M., EIA Natural Gas Storage at 9:30 A.M.,4-Week & 8-Week Bill Auction at 10:30 A.M., Fed Evans and Fed Bostic Speech at 1:00 P.M., Consumer Credit (Feb) at 2:00 P.M. and Fed Williams Speech at 3:05 P.M.

On the Corn front, we have export sales today, old crop dales are estimated near 475-1000 MT vs. 636 MT last week. Meanwhile 500 million bushels of corn are stuck in Ukraine. This means more shortages and hyper-inflation is a bad mix. Tomorrow we have Crop Production USDA Supply/Demand and WASDE data. We continue to watch the South American crop and inclement weather here in the U.S. as we move closer to planting season. In the overnight electronic session the May corn is currently trading at 755 ½ which is 1 cent lower. The trading range has been 759 to 753 ¼.

On the Ethanol front U.S. ethanol exports climb to 143.1 M gallons, up 41% from February 2021. This all comes with talks about adding more ethanol to gasoline to ease the pain at the pump. We will continue to play this political football and most likely continue to kick the can down the road. There were no trades or open interest in ethanol futures.

On the Crude Oil front, Big Oil executives testified before Congress that they are not gauging prices and ripping off customers. The obvious is like the nose on your face. It is the toxic environment this administration has had on energy independence. This is what happens when you have legislators who love the cameras and don’t even realize that we gave our market share to Russia which is still reaping the benefits in our non-existent energy policy and funding Putin’s blood money war machine. In the overnight electronic session, the May crude oil is currently trading at 9869 which is 246 points higher. The trading range has been 9877 to 9543.

On the Natural gas front, the market is rolling along with the rest of the complex. We have seen some peaks and valleys but the long-term cycle is pointing to higher prices.  We should see exports rise to Europe but we both have to have the infrastructure in place.  This morning we have the EIA Gas Storage and the Thomson Reuters poll with 15 analysts participating estimate withdrawals ranging from 44bcf to 3bcf with the median draw of 26bcf. This compares to the one-year injection of 55bcf and the five-year average injection of 33bcf. In the overnight electronic session, the may natural gas is currently trading at 6.181 which is 0.152 higher. The trading range has been 6.247 to 6.063.