Turnaround Tuesday. The Corn & Ethanol Report

We started off the day Redbook MoM & YoY (APR) at 7:55 A.M., IBD/TIPP Economic Optimism (APR) and JOLTS Job Openings (FEB) at 8:00 A.M., Consumer Inflation Expectations (MAR) at 10:00 A.M., 42-Day Bill Auction at 10:30 A.M., API Energy Stocks and IMF/World Spring Meetings at 3:30 P.M.

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On the Corn Front the unwinding of the new crop/old crop continues as we head into Fridays, Crop Production, USDA Supply/Demand and WASDE reports. Weather will impact where we go as we try and gage the South American crop which is slated to offer corn for export below U.S. prices. After their exports last year this shows Argentina and Brazil want to get back in their market share and compete with the U.A. market. In the overnight electronic session, the May corn is currently trading at 560 ¾ which is 7 ½ cents higher. The trading range has been 560 ¾ to 552 ¼.

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