Dan Flynn is the writer of The Corn & Ethanol Report, a daily market letter covering grains, energies, and various global issues that are the driving force and backbone of the commodity markets. Contact Mr. Flynn at (312) 264-4374
The Dan Flynn Corn & Ethanol Report
Wednesday March 6th 2013
As news spreads of the death of Hugo Chavez, Sean Penn states “ I mourn a great hero”. Stick to acting Sean or better yet not. As Venezuelans abroad cheer that this dictator is gone. VIVA Venezuela!
Maybe Mr. Penn would like to take up ranks with Castro, Assad, Ahmadiajad and Kim Jong Rodman. I mourn a great hero and that is the American Soldier!
That being said let’s get back to basics. The Stock Market continues to surge amid new record highs posted already yesterday Could this freakish run spill into the Energy Complex creating yet more higher prices. My bet is no. And here is why the API stats showed a somewhat surprise build of 5.6 MLN Barrels which may have buffered the running of the bulls even with the Stock Market run and the dictators death. Today we have the EIA inventory number to be released at 9:30 A.M. C.S.T. that may or may not confirm the API report of builds. In the overnight electronic session the April Crude Oil is currently trading at 9070 which is 12 points lower as I write. The trading range has been 9117 to 9051 so far. Barring a bullish surprise in the EIA inventory data I see more sideways to lower in the Crude market.
On the Grain Front the Corn seems mainly quiet on the Western Front as traders await news on Fridays reports and the saturation melting snow in the coming days. What affect will this have on plantings? Will we have flooding? It is close to planting season all questions will be reviewed. In the overnight electronic session the May Corn is currently trading at 707 ½ which is 1 ½ cents lower as I write. The trading range has been 709 ¾ to 706 so far. Volume may be light in the aftermath of the winter storm and reports scheduled on Friday.
The CME Group announced a reduced Grain and Oilseed trading hour schedule in response of customers concerns.
Have a Great Trading Day!
The PRICE Futures Group
Questions? Ask Dan Flynn today at 312-264-4374
Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The information presented is from sources believed to be reliable and all information is subject to change without notice.
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