Photo by Jesse Gardner on Unsplash

We started off the day with Core Inflation Rate MoM & YoY (Feb), Inflation Rate MoM (Feb), Export Sales, Initial Jobless Claims (05/Mar), Continuing Jobless Claims (26/Feb), and Jobless Claims 4-Week Average at 7:30 A.M., EIA Gas Storage at 9:30 A.M., 4-Week & 8-Week Bill Auction at 10:30 A.M., Fed Quarterly Financial Accounts at 11:00 A.M., 30-Year Bond Auction at 12:00 P.M., and Monthly Budget Statement at 1:00 P.M.

On the Corn Front, the market settled at session lows in yesterday’s action. The friendly report was trumped with the Ukrainians offered a peace plan and the risk-off in the crude oil started to flow in all the markets that consume energies. The fears remain and the fear of this war continuing will address more risk again. The volatility and large trading ranges continue as the next headline come in HOT off the presses. The ECB announced it will be winding down asset purchases which leads me to rethink if the Fed will be hawkish or dovish at next week's FOMC meeting on March 16^th. We have many reports at 7:30 A.M. and hopefully, we will see new customers in Export Sales. In the overnight electronic the Mat corn is currently trading at 747 ½ which is 12 ½ cents higher. The trading range has been 747 ½ to 738 ½.

On the Ethanol Front production and stocks, both moved higher last week. The EIA showed production averaged 1.028 million barrels a day, up 31,000 on the week and 90,000 on the year. While domestic supply grew by 338,000 barrels to 25.271 million, which was 3.201 million barrels higher than last year. You will hear more from the ethanol industry as this self-inflicted food and energy crisis continues. There were no trades or open interest in ethanol futures.

On the Crude Oil Front, these trading ranges keep your head spinning. The hashtag Putin rally should be the hashtag Brandon rally. Let’s face facts energy prices steadily rose the day Joe Biden was inaugurated when he signed executive orders to close down Anwar and the Keystone Pipeline XL. This was well before the unprovoked Russian invasion of Ukraine.  In the overnight electronic session, the April crude oil is currently trading at 11329 which is 459 points higher. The trading range has been 11421 to 10701.

On the Natural Gas front, the market is coming in higher as old man winter is forecasted to give us another slap heading into the weekend. The EIA Gas Storage is today and the Thomson Reuters poll with 16 analysts participating estimates withdrawals ranging from 91 bcf to 128 bcf with the median estimate 120 bcf. This compares to the one-year withdrawal of 16 bcf and the five-year average withdrawal of 65 bcf. In the overnight electronic session, the April natural gas is currently trading at 4.595 which is 0.069 higher. The trading range has been 4.651 to 4.499.