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
This morning the first Friday of the month we have Unemployment and Wholesale Trade at 7:30 A.M. and Consumer Credit at 2:00 P.M. The Stock Market is bouncing back after the selloff due to the U.S. missile strike on Syria for using weapons of mass destruction on its own civilians. Crude Oil shot up to a one month high at 5294 a barrel bases the May contract and the market is currently trading at 5217 which is 47 points higher. The low was 5160. The market will be assessing damage control on the ground of targets hit and political backlash. The U.S. Allies overwhelmingly were supportive of the mission. While the Kremlin was clearly responsible for failing on their commitment to supervise the surrender of those chemical weapons. Secretary of State Rex Tillerson was quoted, “Either Russia has been complicit or simply incompetent in its ability to deliver”. Vladimir Putin considers the U.S. attack in Syria “aggression against a sovereign state”. Well Vlad my boy what’s up with the Ukraine? I thought that was a sovereign state before you invaded. You can’t have it both ways big boy.
On the Grain front the Argentine and Brazilian crops are expected to come in records. On the U.S. Grain end stocks the survey is on our website of a poll of analyst of what to expect. In the overnight electronic session the May Corn is currently trading at 360 ¾ which is unchanged. The trading range has been 361 ¾ to 360 ¼.
On the Ethanol front there were no trades posted in the overnight electronic session. The May contract settled at 1.610 and is currently showing 5 bids @ 1.612 and 5 offers @ 1.627. Not much to talk about here. The market strength is in tune with the Energy rally.
On the Natural Gas front the market is taking a breather after yesterday’s slightly friendly EIA Gas Storage showing an injection of 2 bcf. In the overnight electronic session the May contract is currently trading at 3.291 which is 4 cents lower. The trading range has been 3.340 to 3.273.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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