Photo by Sindy Süßengut on Unsplash

We start off the day with Durable Goods Orders MoM (Mar), Durable Goods Orders EX Transportation MoM (Mar), Non-Defense Goods Orders Ex Air (Mar), and Durable Goods ex Defense MoM (Mar) at 7:30 A.M., Redbook YoY (23/Apr) at 7:55 A.M., S&P/Case-Shiller Home Price YoY (Feb), House Price Index (Feb) House Price Index MoM & YOY (Feb) and S&P/Case-Shiller Home Price MoM (Feb) at 8:00 A.M., New Home Sales (Mar), CB Consumer Confidence (Apr), New Home Sales MoM (Mar), Richmond Fed Manufacturing Index (Apr), Richmond Fed Manufacturing Shipments Index (Apr) and Richmond Services Index (Apr) at 9:00 A.M., Dallas Fed Services Index (Apr) and Dallas Fed Revenues  Index (Apr) at 9:30 A.M., 2-Year Note Auction at 12:00 P.M. and API Energy Stocks at 3:30 P.M.

On the Corn front, there are some traders that are worried about a global slowdown in the economy. They should worry it is happening right before our eyes. I just see a huge hole that importers will be able to get a product with the void from Ukraine, South America weather, and a smaller export market so now we are having planting and weather problems here in the U.S. We also have runaway inflation with energy prices and fertilizer prices to name a few. Tack on shipping cargos and other costs and this does not paint a pretty picture. We also have a forecast for drought, wet, and La Nina storms. Regardless we will have to pick up the world market. In the overnight electronic session, the July corn is currently trading at 804 ½ which is 4 ¼ cents higher. The trading range has been 808 ½ to 800 ¼.

On the Ethanol front, the battle continues after the Biden E15 announcement. All the rage is that this will save us money at the pump. We will have ethanol production and stocks later. There were no trades or open interest in ethanol futures.

On the Crude Oil front, we seem to be steadying the ship as we navigate the waters. We could see another break to $93 a barrel but with the APIs coming out later we may see some cowboys back in the rodeo. Remember headlines are moving extremely fast and so are the hedge funds and Algo funds. In the overnight electronic session, the June crude oil is currently trading at 9924 which is 70 points higher. The trading range has been 9982 to 9706.

On the Natural Gas front, we have Last Trading Day in the May contract tomorrow. The market is rolling with weather and other strong fundamentals. Mr. Carbon Footprint himself John Kerry is talking down the future of natural gas. An Op-Ed I read this morning stated that he completely distorts the meaning, and context of what the private sector is already doing. What does he do except ride the world in a private jet? Part of a disastrous energy policy we inherited from this administration. In the overnight electronic session, the June natural gas is currently trading at 7.082 which is 0.277 higher. The trading range has been 7.175 to 6.943.