Photo by Waldemar Brandt on Unsplash

We start off the day with NAHB Housing Market Index (Apr) at 9:00 A.M., Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., Crop Progress, Fed Bullard Speech, and IMF/World Bank Spring Meetings at 3:00 P.M.

On the Corn front, the market is pricing in a late start to plantings with more cold weather this week. We are also are contending with the lockdown grip is tightening and food is scarce, the mining of the Black Sea should rule out any navigation in those waters. We also are watching the South American smaller than usual crop. That is a lot to sort out. In the overnight electronic session, the May corn is currently trading at 800 which is 9 ¾ cents higher. The trading range has been 802 ¾ to 790 ¼.

On the Ethanol front chatter has stretched across the Hill in recent weeks, as USDA secretary Tom Vilsack said price hike at the grocery store is not the suspension of the E15 summertime ban. He blames the war on Ukraine. Well, that is part of the picture but it is not the slogan that is going to sell. There were no trades or open interest in ethanol futures.

On the Crude Oil front, there is the fear factor with the War in Ukraine, the grip tightening in shanghai, and OPEC news. This early in the morning and the market has a 255 point trading range at the front end of May. The market seems to want to go higher in this chop. We could see a new channel to the upside after treading water in the current environment. In the overnight electronic session, the June crude oil is currently trading at 10657 which is 19 points higher. The trading range has been 10801 to 10543.

On the Natural Gas front, the weather continues to support higher prices while taking a look at export market possibilities. In the overnight electronic session, the May natural gas is currently trading at 7.550 which is 0.250 higher. The trading range has been 7.559 to 7.365.