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
AS we continue to sift through the news of the NSA, Syria, Benghazi, IRS SCANDEL and now negotiating with the enemy the Taliban. This administration is currently batting 1000 in spinning and creating headlines to hide past failures so the average Joe will forget the previous mishaps. Unfortunately for the American people and the Free World, some people can’t do anything right. This is just too much and hopefully we will wake up and find our moral compass and right this wrong ship gone awry.
The market was shaken this week with the Fed’s announcement to tighten easing in the future and China’s banking credit crunch that has been reverberating the global markets at this time.
In the overnight electronic session the July Corn is currently trading at 669 which is 4 ¼ cents lower as I write. The trading range has been 673 to 666 ¼ so far. The market selloff is more attributed the global economic woes other than the fundamental big picture of what crop we will realize to meet demand and catch up on carryover for next year. On the Energy Front the August Crude Oil is currently trading at 9532 which is 18 points higher at this writing. The trading range has been 9584 to 9470 so far. We may see a bounce and profit taking going into the weekend, however, this market is headed lower in the Grand scheme of things. Stay Tuned!
In the overnight session we have had lackluster trade in the Natural Gas with the July contract currently trading 3.868 which is down .009 at this writing. The trading range has been 3.904 to 3.860 so far. Warmer weather may force more air-conditioners into action and help lead a seasonable rally.
On the Ethanol Front this market is as well quiet focusing on what leads their market which is Corn. Sugar and other components of the Energy Sector. In the overnight electronic session the July contract posted a trade at 2.450 which is .006 lower. Again this market awaits the next headline.
Buckle up your chinstrap!
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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