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
Feast or Famine?
The rain dances danced last year were finally answered this year. Unfortunately, the timing and extremes Mother Nature has fooled us setting the tone for a nervous market going into tomorrow’s Grain Stocks and Planted Acreage data. The Grain Stocks should show the big picture with the recent weather traders will see no accountability in Acreage numbers. Remember today is the last chance to rollover or cover July Grain contracts with First Notice Day tomorrow. In the overnight electronic session the September Corn is currently trading at 574 ¼ which is ¼ of a cent higher. The trading range has been 575 ¼ to 571 ½ so far. Buckle up your chinstrap for tomorrow’s report!
On the Energy Front the August Crude oil is currently trading at 9578 which is 28 points higher in the overnight electronic session. The trading range has been 9614 to 9535 so far. I expect to see a chop from here and sell into any strength. Natural Gas is easing as I write making new lows. Currently the August contract is last at 3.703 which is down .006. The trading range has been 3.757 to 3.701 so far and appears to test new lows as I write. Regardless of the pressure I remain a long term raging bull. On the Ethanol Front the July contract posted a trade at 2.460 which is down .006 while the August posted a trade at 2.356 which is down .007. Remember to bail out of July contracts.
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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