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 North Korean Lilliputian warns of a big event today as the Carl Vinson strike force steams towards the Korean Peninsula. The dictator also has plans to detonate a nuclear bomb Saturday to mark the “Day of the Sun”. This boy is playing with fire with China’s posturing on the border and Navy Seals who took out bin-Laden in South Korea. Unlike the last administration he will realize he will be held accountable for his action and the consequences lunacy of the little kids caliginous ambition.
On the Corn front the market is trading higher with above normal rainfall across the Mid-West slowing plantings which could lead to a short-covering rally heading into the long weekend. Even with South America responsible for growing world end stocks versus last month the market should see some shorts lighten up in today’s trading session. In the overnight electronic session the May Corn is currently trading at 370 ½ which is 1 ½ of a cent higher. The trading range has been 371 ½ to 368 ½.
On the Ethanol front there were no trades posted in the overnight electronic session. The May contract settled at 1.672 and is showing 1 bid @ 1.676 and 1 offer @ 1.684 with Open Interest at 2,390 contracts. Yesterday’s inventory data showed production is below last week but ahead of last year.
On the Crude Oil front we had a bullish EIA Energy Stocks number but light volume during the trading session could not spark another step to the rally and the market sold off. Volume picked up after the day session close as computer traders tried to push the market down and the succeeded just before the 4:00 P.M. close for the Wednesday’s session. With the U.S. dollar getting cheaper and geo-political events across the globe investors would be wise not to hold shorts over the weekend with the events that could unfold over this Easter weekend. In the overnight electronic session the May Crude Oil is currently trading at 5321 which is 10 points higher. The trading range has been 5323 to 5282.
On the Natural Gas front the market seems to be trading directionless at the moment. In the overnight electronic session the May contract is currently trading at 3.162 which is 2 ½ cents lower. The trading range has been 3.187 to 3.149.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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