The Market On Wednesday

  Good morning. It is 63 degrees and it is gloriously sunny here in the Upper Hudson Valley. The forecast predicts that the temperature will go up into the high 80s today and that it will be sunny. It is going to feel a lot like mid-Summer this afternoon and it is only the end of May. Let's see what mischief humanity and Mr Apprentice are up to today.

  At 9:00 a.m. ET futures are moderately higher and the price of oil per barrel is up. The market is poised to open higher.

  Notice that Monsanto has spurned an acquisition and merger offer from Bayer. It's like a lover spurning an offer of marriage - I guess cabbage that takes away your headache will have to wait. Notice that oil is creeping up towards the magic number of $50 presently trading at $49 and change. If and when oil does surpass $50 a barrel, a new trading range becomes more palatable and that would be $50 to $55, so expect gas prices to be higher over the summer.

CNN: Stocks: 5 things to know before the open by Ivana Kottasova

U.S. oil futures are up 1.3% early Wednesday, racing towards the magic level of $50 per barrel. Analysts are expecting a further drop in U.S. crude inventories when the latest data is released at 10.30 a.m. ET.