Photo by Jesse Gardner on Unsplash

We start off the day with Existing Home Sales, Existing Dales MoM (Feb) and CB Leading Index MoM (Feb) at 9:00 A.M., Fed Barkins speech at 11:30 A.M., Baker Hughes Oil and Total Rig Count at 12:00 P.M., Fed Evans Speech at 1:00 P.M., and Fed Bowman Speech at 2:00 P.M.

On the Corn Front China is turning to US corn as the war continues to put Ukraine supplies at risk. The China news should be outright bullish, the scenario hinges on the Ukraine’s survival. The demand for corn from the US, Brazil and Argentina soared in the past weeks as the war escalated. We will be watching events unfold as the Ukraine continues to defend the Motherland. We will be watching Export Inspections on Monday.  In the overnight electronic session the May corn is currently trading at 751 ¼ which is 3 ¼ cents lower. The trading range has been 755 to 748 ¾.

On the Ethanol Front no new headlines except the glaring story of US ethanol stocks reaching pandemic highs as this political football will go another round or quarter in further negotiations. There were no trades or open interest in ethanol futures.

On the Crude Oil Front this market is trading a wartime market. Call it a proxy war or what you will see misinformation as many countries have skin in the game while the Ukraine’s have flesh and blood in the game. The market went from green to red and is in choppy trade mode. Even with the market being pressed I am not sure who would want to be short going into the weekend unless you plan to deliver product. The stakes are high and so goes the risk. In the overnight electronic session the April crude oil is currently trading at 10247 which is 51 points lower. The trading range has been 10628 to 10230.

On the Natural Gas Front the market is giving back some of the gains as we watch events to unfold in the Ukraine and possibly opening the door to US exports of LNG to Europe. This is another critical move and in my mind a smart move. In the overnight electronic session the April natural gas is currently trading at 4.902 which is 0.088 lower. The trading range has been 4.957 to 4.811.