Asian Markets Hit Bump in the Road. The Corn & Ethanol Report 02/17/17
Daniel Flynn of The PRICE Futures Group - - Fri Feb 17, 7:21AM CST

It seemed like only yesterday or in reality last week the Copper market was flying and one of the three components of that rally was China’s participation creating euphoria that was quintessential to the winds in the sails buoyancy to bulls in the marketplace. Even with the Chinese New Year and Golden Week every investor wanted to join this party. The market seemed to top in yesterday’s trading session and continued in the overnight electronic session with the Asian markets slow down after a good run. As we head into another 3-day weekend observing Presidents Day on Monday the market seems to have put in a top. I still believe this is only temporary.

On the Corn front the USDA export data will be delayed until Tuesday with Monday’s holiday. Rains in South America sparked a rally in the Grain complex only leading investors to sell at higher levels.  In the overnight electronic session the March Corn is currently trading at 370 ½ which is 3 cents lower. The trading range has been 373 ¼ to 369 ½.

On the Ethanol front the March contract posted a trade at 1.533 which is .008 of a cent lower. The market is currently showing 1 bid @ 1.528 and 3 offers @ 1.533 with Open Interest at 1,467 contracts. The April contract is now outpacing the March with April Open Interest at 1,916 contracts.

On the Crude Oil front the market just can’t seem to make a higher high but is not backing off either. The parabolic market is stuck in a trading range of $50 to $54. In the overnight electronic session the March Crude Oil is currently trading at 5308 which is 28 points lower. The trading range has been 5352 to 5294.

On the Natural Gas front the warm weather may keep the bulls away and enjoy this unseasonable February weather. I have been bullish for months and the weather is not cooperating. We are at key support but as we close in on shoulder season and no large demand this market looks to be toast. In the overnight electronic session the March Natural Gas is currently trading at 2.862 which is .008 of a cent higher. The trading range has been 2.865 to 2.835.
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