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 April 17th 2013
The rains in the Plains and another warm front colliding with another cold front. We are looking at forecasted flooding conditions which will further hamper plantings. Even with the heavy dose of rains we are forecasted to get it is a little too late to help the subsoil moisture due to this wacky winter swings. Like a flick of the switch as we have already experienced this winter we can go from flooding conditions to extreme hot weather that will further stress this crop that is not even in the ground yet. In the overnight electronic session the May Corn is currently trading at 659 ¾ which is 3 ½ cents lower as I write. The trading range has been 663 to 659 so far and may seek a new low before it is over. However, with the fundamental weather factors I mentioned above you have to remain bullish prices overall.
On the Energy Front the API weekly data showed a very bullish number on Crude Oil and neutral to somewhat friendly to Gasoline even though the Gas is trading lower in tandem with the Crude Oil. Distillates were pretty much what the street was expecting. In the overnight electronic session the May Crude Oil is currently trading at 8751 which is down 121 points at this writing. The trading range has been 8909 to 8715 so far. We will wait for the EIA Energy Stocks data to confirm last night’s API data which will be released at 9:30 A.M. C.S.T.
On the Ethanol Front the Ethanol Front no trades posted last night but expect lower offers.
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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