More Earnings Today
Dan Flynn | May 24, 2017 11:09AM ET
On tap for today we have Existing Home Sales at 9:00 A.M., EIA Energy Stocks at 9:30 A.M., Dairy Product Sales at 2:00 P.M. and more earnings. Last night’s API Energy Stocks showed declines in oil Stocks and the market just did not seem to rally as expected ahead of Thursdays OPEC meeting which a further extension on production cuts. Meanwhile this less-than-euphoric rally could be explained that President Trump’s budget proposal includes selling oil from the Strategic Petroleum Reserves (SPR) to help the balance sheet. Even if the budget gets approved as is this action will not go into effect until October. That means with OPEC production cuts we should still have a higher trading market in the summer driving season. In the overnight electronic session the July crude oil is currently trading at 5145 which is 2 tics lower. The trading range has been 5188 to 5137.
On the corn front we are trading higher in the overnight electronic session. Rain and chilly temperatures are going to be with us for at least for another 48 hours. The July corn is currently trading at 371, which is 1 ½ of a cent higher. The trading range has been 371 ½ to 368 ¾.
On the ethanol front there were no trades posted in the overnight electronic session. News that China ethanol exports are soaring and imports are slowing. Estimates of exports were pegged to be 18% higher than last month and at that pace could erode corn stockpiles, which could be the bullish shot in the arm grain complex investors desire. The July contract settled at 1.490 and is currently showing 2 bids @ 1.491 and 1 offer @ 1.509 with open interest at 1,336 contracts.
On the natural gas front the market had a big sell off yesterday as the previous rallies folded. Depending on what weather we will have this summer whether a cool La Nina or if she dissipates and we have a hot summer which storage could come back into play with demand skyrocketing with air-conditioner usage rising and the retired coal plants not in place to stabilize the power grid. In the overnight electronic session the June Natural Gas is currently trading at 3.199 which is 2 cents lower. The trading range has been 3.252 to 3.184.
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