INO Morning Market Commentary
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Started by tallpine - Jan. 8, 2020, 7:56 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

Wednesday, January 8, 2020  

 



 

 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

 



 

 

                       Composite Idx (previous 478.7)

 



 

 

                       Composite Idx, W/W% (previous -5.3%)

 



 

 

                       Purchase Idx-SA (previous 250.1)

 



 

 

                       Purchase Idx-SA, W/W% (previous -4.8%)

 



 

 

                       Refinance Idx (previous 1859.0)

 



 

 

                       Refinance Idx, W/W% (previous -5.1%)

 



 

 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

 



 

 

                       Composite Idx (previous 478.7)

 



 

 

                       Composite Idx, W/W% (previous -5.3%)

 



 

 

                       Purchase Idx-SA (previous 250.1)

 



 

 

                       Purchase Idx-SA, W/W% (previous -4.8%)

 



 

 

                       Refinance Idx (previous 1859.0)

 



 

 

                       Refinance Idx, W/W% (previous -5.1%)

 



 

 

8:15 AM ET. December ADP National Employment Report

 



 

 

                       Private Sector Jobs, Net Chg (expected +15000; previous +67000)

 



 

 

10:00 AM ET. SEC Open Meeting

 



 

 

10:30 AM ET. EIA Weekly Petroleum Status Report

 



 

 

                       Crude Oil Stocks (Bbl) (previous 429.896M)

 



 

 

                       Crude Oil Stocks, Net Chg (Bbl) (previous -11.463M)

 



 

 

                       Gasoline Stocks (Bbl) (previous 242.472M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbl) (previous +3.212M)

 



 

 

                       Distillate Stocks (Bbl) (previous 133.72M)

 



 

 

                       Distillate Stocks, Net Chg (Bbl) (previous +8.776M)

 



 

 

                       Refinery Usage (previous 94.5%)

 



 

 

                       Total Prod Supplied (Bbl/day) (previous 19.922M)

 



 

 

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.39M)

 

                        

 

2:00 PM ET. SEC Closed Meeting

 



 

 

3:00 PM ET. November Consumer Credit

 



 

 

                       Consumer Credit Net Chg (USD) (expected +15.5B; previous +18.91B)

 



 

 

  N/A               World Bank's Global Economic Prospects report

 



 

 

Thursday, January 9, 2020  

 



 

 

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

 



 

 

                       Jobless Claims (expected 220K; previous 222K)

 



 

 

                       Jobless Claims, Net Chg (previous -2K)

 



 

 

                       Continuing Claims (previous 1728000)

 



 

 

                       Continuing Claims, Net Chg (previous +5K)

 



 

 

8:30 AM ET. U.S. Weekly Export Sales

 



 

 

                       Corn (Metric Tons) (previous 540K)

 



 

 

                       Soybeans (Metric Tons) (previous 332K)

 



 

 

                       Wheat (Metric Tons) (previous 333.3K)

 



 

 

9:45 AM ET. Bloomberg Consumer Comfort Index

 



 

 

10:30 AM ET. EIA Weekly Natural Gas Storage Report

 



 

 

                       Working Gas In Storage (Cbf) (previous 3192B)

 



 

 

                       Working Gas In Storage, Net Chg (Cbf) (previous -58B)

 

                        

 

12:00 PM ET. December Monthly U.S. Retail Chain Store Sales Index

 



 

 

4:30 PM ET. Foreign Central Bank Holdings

 



 

 

4:30 PM ET. Money Stock Measures

 



 

 

4:30 PM ET. Federal Discount Window Borrowings

 



 

 

Friday, January 10, 2020  

 



 

 

8:30 AM ET. 3rd Quarter GDP by State

 



 

 

8:30 AM ET. December U.S. Employment Report

 



 

 

                       Non-Farm Payrolls (expected +160K; previous +266K)

 



 

 

                       Unemployment Rate (expected 3.5%; previous 3.5%)

 



 

 

                       Avg Hourly Earnings (USD) (previous 28.29)

 



 

 

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.07)

 



 

 

                       Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.25%)

 



 

 

                       Avg Hourly Earnings, Y/Y% (expected +3.1%; previous +3.1%)

 



 

 

                       Overall Workweek (previous 34.4)

 



 

 

                       Overall Workweek Net Chg (previous +0)

 



 

 

                       Government Payrolls (previous +12K)

 



 

 

                       Private Payroll (previous +254K)

 



 

 

                       Participation Rate (previous 63.2%)

 



 

 

                       Non-Farm Payrolls Bench Net Chg

 



 

 

10:00 AM ET. November Monthly Wholesale Trade

 



 

 

                       Inventories, M/M% (expected +0.0%; previous +0.1%)

 



 

 

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

 



 

 

                       Corn, End Stocks (Bushels)

 



 

 

                       Soybeans, End Stocks (Bushels)

 



 

 

                       Wheat, End Stocks (Bushels)

 



 

 

                       Cotton, End Stocks (Bales)

 


The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"  



The STOCK INDEXES:The March NASDAQ 100 was higher in overnight trading following news that there were no American casualties and Iran's foreign minister stating that was the extent of the country's retaliation for the killing of top general Qassem Soleimani has helped drive the reversal. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off October's high into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 8694.69 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 8907.25. Second resistance is unknown. First support is the 20-day moving average crossing at 8694.69. Second support is the 50-day moving average crossing at 8453.65.



The March S&P 500 posted an upside reversal and was slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3213.09 would confirm that a short-term top has been posted. If March resumes the rally off October's low into uncharted territory, upside targets will be hard to project. First resistance is last-Thursday's high crossing at 3259.00. Second resistance is unknown. First support is the 20-day moving average crossing at 3213.09. Second support is the 50-day moving average crossing at 3145.72.  



INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"



INTEREST RATES: March T-bonds were steady to slightly higher overnight but well off session highs on news that no American's were kill in a missile attack launched by Iran. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 156-31 are needed to confirm that a short-term top has been posted. If March extends the rally off last-Thursday's low, December's high crossing at 160-12 is the next upside target. First resistance is the overnight high crossing at 159-19. Second resistance is December's high crossing at 160-12. First support is last-Thursday's low crossing at 155-05. Second support is November's low crossing at 155-00.



March T-notes were steady to slightly higher overnight but well off session highs. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 128.213 would confirm that a short-term top has been posted. If March extends the rally off December's low, November's high crossing at 130.175 is the next upside target. First resistance is the overnight high crossing at 130.060. Second resistance is November's high crossing at 130.045. First support is the 20-day moving average crossing at 128.213. Second support is December's low crossing at 127.290.   



ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""



February crude oil was steady to slightly lower overnight on news of no American casualties in last night's missile attack by Iran.The low-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 60.99 are needed to confirm that a short-term top has been posted. If February extends the rally off October's low, the 87% retracement level of 2018's decline crossing at 68.84 is the next upside target. First resistance is the 75% retracement level of 2018's decline crossing at 65.62. Second resistance is the 87% retracement level of 2018's decline crossing at 68.84. First support is the 20-day moving average crossing at 60.99. Second support is the 50-day moving average crossing at 58.54.



February heating oil was steady to slightly higher but well off overnight highs. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 201.69 would confirm that a short-term top has been posted. If February extends the rally off the October low, last-May's high crossing at 214.32 is the next upside target. First resistance is the overnight high crossing at 211.95. Second resistance is last-May's high crossing at 214.32. First support is the 20-day moving average crossing at 201.69. Second support is the 50-day moving average crossing at 195.39.     



February unleaded gas was steady to slightly higher overnight but well off session highs. The low-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 169.87 would confirm that a short-term top has been posted. If February extends the rally off December's low, the 75% retracement level of 2018's decline crossing at 188.45 is the next upside target.First resistance is the overnight high crossing at 180.11. Second resistance is the 75% retracement level of 2018's decline crossing at 188.45. First support is the 20-day moving average crossing at 170.14. Second support is the 50-day moving average crossing at 165.66.  



February Henry natural gas was steady to slightly higher overnight. The high-overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.231 are needed to confirm that a short-term low has been posted. If February extends the decline off November's high, weekly support crossing at 2.029 is the next downside target. First resistance is the 20-day moving average crossing at 2.231. Second resistance is the December 16th high crossing at 2.351. First support is last-Friday's low crossing at 2.083. Second support is weekly support crossing at 2.029.  



CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"



CURRENCIES:The March Dollar was higher overnight as it extends the rally off December's low. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 96.77 are needed to temper the near-term bearish outlook. If March renews the decline off November's high, the 62% retracement level of the March-September-rally crossing at 95.63 is the next downside target. First resistance is the 20-day moving average crossing at 96.77. Second resistance is the 50-day moving average crossing at 97.14. First support is December's low crossing at 96.02. Second support is the 62% retracement level of the March-September-rally crossing at 95.63.  



The March Euro was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 111.72 would confirm that a short-term top has been posted. If March renews the rally off November's low, last-August's high crossing at 114.20 is the next upside target. First resistance is October's high crossing at 112.91. Second resistance is August's high crossing at 114.20. First support is the December 6th low crossing at 111.13. Second support is November's low crossing at 110.61.    



The March British Pound was steady to slightly lower overnight.The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, December's high crossing at 1.3548 is the next upside target. Closes below the 50-day moving average crossing at 1.3044 would confirm that a short-term top has been posted. First resistance is December's high crossing at 1.3548. Second resistance is the 62% retracement level of the April-September-decline crossing at 1.3748. First support is December's low crossing at 1.2940. Second support is the November 22nd low crossing at 1.2870.



The March Swiss Franc was lower overnight. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that additional weakness is possible near-term. Closes below the 20-day moving average crossing at 1.0294 would confirm that a short-term top has been posted. If March resumes the rally off November's low, the 87% retracement level of the August-November-decline crossing at 1.0461 is the next upside target. First resistance is the 75% retracement level of the August-November-decline crossing at 1.0406. Second resistance the 87% retracement level of the August-November-decline crossing at 1.0461. First support is the 10-day moving average crossing at 1.0336. Second is the 20-day moving average crossing at 1.0294.  



The March Canadian Dollar was lower overnight as it consolidates some of the rally off November's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, weekly resistance crossing at 77.97 is the next upside target. Closes below the 20-day moving average crossing at 76.37 would confirm that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 77.23. Second resistance is weekly resistance crossing at 77.97. First support is the 10-day moving average crossing at 76.73. Second support is the 20-day moving average crossing at 76.37.  



The March Japanese Yen is working on a potential key reversal down in overnight trading as it consolidates some of the rally off December's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.0922 are needed to confirm that a short-term top has been posted. If March extends the rally off December's low, November's high crossing at 0.0934 is the next upside target. First resistance is November's high crossing at 0.0934. Second resistance is October's high crossing at 0.0948. First support is December's low crossing at 0.0916. Second support is April's low crossing at 0.0913.



PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"



PRECIOUS METALS: February gold was higher overnight as it extends the rally off November's low but well off session highs. Stochastics and the RSI are overbought, diverging and poised to turn neutral to bearish signaling that a short-term top might be in or is near. Closes below the 10-day moving average crossing at $1538.40 would confirm that a short-term top has been posted. If February extends the aforementioned rally, monthly resistance crossing at $1616.50 is the next upside target. First resistance is the overnight high crossing at $1613.30. Second resistance is monthly resistance crossing at $1616.50. First support is the 10-day moving average crossing at $1538.40. Second support is the 20-day moving average crossing at $1509.10.



March silver was steady to slightly higher overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the September 24th high crossing at $18.930 is the next upside target. Closes below the 20-day moving average crossing at $17.574 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at $18.895. Second resistance is the the September 24th high crossing at $18.930. First support is the 10-day moving average crossing at $18.075. Second support is the 20-day moving average crossing at $17.574. 



March copper was slightly higher in late-overnight trading. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off December's low, the 75% retracement level of the April-September-December crossing at $289.05 is the next upside target. If March extends decline off December's high, the 50-day moving average crossing at $272.68 is the next downside target. First resistance is December's high crossing at $285.65. Second resistance is the 75% retracement level of the April-September-decline crossing at $287.40. First support is the 50-day moving average crossing at $272.68. Second support is December's low crossing at $262.05.       



GRAINS http://quotes.ino.com/ex changes/?c=grains



March corn was lower overnight as it extends the decline off last-week's high. The aforementioned decline is due in part to traders positioning themselves for Friday's release of the January supply-demand report as past history suggests that these reports are often disappointing to market bulls. The mid-range close sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Tuesday's close below the 20-day moving average crossing at $3.85 1/4 has temper the near-term friendly outlook. Multiple closes above last-Tuesday's high crossing at $3.92 are needed to renew the rally off December's low. First resistance is last-Tuesday's high crossing at $3.92. Second resistance is November's high crossing at $4.00. First support is the overnight low crossing at $3.82 1/4. Second support is December's low crossing at $3.71.    



March wheat was higher overnight as it finds support marked by the 20-day moving average crossing at 5.45 3/4. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.45 3/4 would signal that a short-term top has been posted. If March resumes the rally off September's low, last-June's high crossing at $5.73 1/2 is the next upside target. First resistance is last-Thursday's high crossing at $5.67 1/2. Second resistance is last-June's high crossing at $5.73 1/2. First support is the 20-day moving average crossing at $5.45 3/4. Second support is the 50-day moving average crossing at $5.30 1/4. 



March Kansas City Wheat closed down $0.02 1/4-cents at $4.75.

 

March Kansas City wheat closed lower on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $4.61 3/4 are needed to confirm that a short-term top has been posted. If March extends the rally off September's low, the 75% retracement level of the June-September-decline crossing at $5.08 is the next upside target. First resistance is last-Thursday's high crossing at $4.96 3/4. Second resistance is the 75% retracement level of the June-September-decline crossing at $5.08. First support is the 20-day moving average crossing at $4.61 3/4. Second support is the 50-day moving average crossing at $4.45 1/2.  



March Minneapolis wheat was steady to fractionally lower overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.41 would confirm that a short-term top has been posted. If March resumes the rally off November's low, October's high crossing at $5.71 1/4 is the next upside target. First resistance is the 87% retracement level of the October-November-decline crossing at $5.45 1/4. Second resistance is October's high crossing at $5.71 1/4. First support is the 20-day moving average crossing at $5.41. Second support is the 50-day moving average crossing at $5.31 1/4.      



SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "



March soybeans were mostly steady overnight as traders position themselves for Friday's January supply-demand report. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $9.37 3/4 would confirm that a short-term top has been posted. If March resumes the rally off December's low, October's high crossing at $9.70 is the next upside target. First resistance is the 87% retracement level of the October-November-decline crossing at $9.58 1/2. Second resistance is October's high crossing at $9.70. First support is the 20-day moving average crossing at $9.37 3/4. Second support is the 50-day moving average crossing at $9.28 1/2.    



March soybean meal was slightly higher overnight as it extends December's trading range. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term.  If March extends last-Friday's decline, the December 12th low crossing at $297.40 is the next downside target. Closes above December's high crossing at $307.90 would renew the rally off December's low. First resistance is December's high crossing at 307.90. Second resistance is November's high crossing at $312.70. First support is the December 12th low crossing at $297.40. Second support is December's low crossing at $296.20.    



March soybean oil was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 34.04 would confirm that a short-term top has been posted. If March extends the rally off December's low, weekly resistance crossing at 35.79 is the next upside target. First resistance is last-Thursday's high crossing at 35.67. Second resistance is weekly resistance crossing at 35.79. First support is the 20-day moving average crossing at 34.04. Second support is the 50-day moving average crossing at 32.41.   



LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 



February hogs closed up $0.60 at $69.23. 



February hogs closed higher on Tuesday as it consolidated some of last-Friday's limit-down close but remain below the 20-day moving average crossing at $69.80 confirming that a short-term top has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends last-week's decline, December's low crossing at $65.40 is the next downside target. If February resumes the rally off December's low, the 62% retracement level of the October-December-decline crossing at $74.10 is the next upside target. First resistance is the 50% retracement level of the October-December-decline crossing at $72.43. Second resistance is the 62% retracement level of the October-December-decline crossing at 74.10. First support is Monday's low crossing at $67.55. Second support is December's low crossing at $65.40.   



February cattle closed down $0.75 at $126.53. 



February cattle posted an inside day with a lower close on Tuesday. The mid-range close sets the stage for a steady to higher opening on Monday.Stochastics and the RSI are turning neutral to bullish, which signals that sideways to higher prices are possible near-term. If February extended the rally off September's low, weekly resistance crossing at $130.45 is the next upside target. Multiple closes below the 50-day moving average crossing at $125.14 would confirm that a short-term top has been posted. First resistance is December's high crossing at $127.90. Second resistance is weekly resistance crossing at $130.45. First support is the 50-day moving average crossing at $125.14. Second support is the reaction low crossing at $123.30.   

 

March Feeder cattle closed down $1.23-cents at $145.13. 



March Feeder cattle posted an inside day with a lower close on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends Monday's rally, November's high crossing at $147.40 is the next upside target. Closes below last-Thursday's low crossing at $141.32 would confirm that a short-term top has been posted. First resistance is December's high crossing at $146.93. Second resistance is November's high crossing at $147.40. First support is December's low crossing at $140.55. Second support is November's low crossing at $138.62.       



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



March coffee closed slightly higher on Tuesday as it consolidates some of the decline off December's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off December's high, the 50-day moving average crossing at 11.96 is the next downside target. Closes above last-Tuesday's high crossing at 13.46 would confirm that a low has been posted.



March cocoa closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 25.44 are needed to confirm that a short-term low has been posted. If March renews the decline off November's high, the 62% retracement level of the August-November-rally crossing at 23.80 is the next downside target.       



March sugar closed lower on Tuesday as it consolidates some of Monday's rally. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, last-April's high crossing at 14.20 is the next upside target. Closes below the 50-day moving average crossing at 12.99 are needed to confirm that a top has been posted. 



March cotton closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but are neutral to bullish signaling that additional gains are possible near-term. If March extends the rally off August's low, the 50% retracement level of the 2018-2019-decline crossing at 70.91 is the next upside target. Closes below the 20-day moving average crossing at 67.93 are needed to confirm that a short-term top has been posted.   

Comments
By metmike - Jan. 8, 2020, 12:05 p.m.
Like Reply

Thank you tallpine!


Week 2 rains completely shut down in Argentina on todays maps, after an event just prior to that with some but not blockbuster rains........more bullish. A closer look shows that maybe S.Brazil rains will shut down too early  in week 2. So the weather could be getting more bullish over a large production area during a key time frame.

Natural gas temps are mixed based on what model we look at but the threat for late January cold is  bit less today.