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 we kickoff the day with Export Sales and Initial Jobless Claims at 7:30 A.M. and the EIA Gas Storage at 9:30 A.M. which the Thomson Reuters weekly poll of 22 analyst forecast injection numbers from 47 bcf to gg bcf with the average 61 bcf. This compares to builds of 45 bcf last week, 71 bcf a year ago and the 5-year average of injection builds of 87 bcf. In the overnight electronic session the June Natural Gas is currently trading at 3.222 which are 3 cents higher. The trading range has been 3.234 to 3.187.
On the Corn front weather forecast for the coming weeks has the market in sell any rally mode. And that is exactly what happened in the overnight electronic session with Soybeans and Soybean Oil leading the pack The July Corn is currently trading at 365 ¾ which is 5 ¾ cents lower. The trading range has been 371 ½ to 364 ½. The question is where will this market be oversold and how much acreage must be replanted?
On the Crude Oil front bullish fundamentals are being Trumped by the Stock Market. With the wizards in Washington D.C. not cooperating to get our economy rolling after a decade of the worst economic recovery in U.S. history mainly due to regulations and other agendas that hurt small business. We should hold the politicians accountable that are obstructing our justice try to throw any dart at the board and hope it sticks instead of rolling up their sleeves and represent us the VOTER. The silly regulations that are hurting Free Enterprise must be lifted and the average voter should never forget or be dumbed down by the Washington elitist. In the overnight electronic session the June Crude Oil is currently trading at 4849 which is 58 points lower. The trading range has been 4913 to 4805. Results of tomorrows Iranian elections could force a breakout either way from these ranges we have been trading.
On the Ethanol front the July contract is currently trading at 1.462 which is .019 lower. The trading range has been 1.460 to 1.456. The market is currently showing 5 bids @ 1.462 and 5 offers @ 1.476 with Open Interest at 984 contracts and should surpass the June contract in today’s trading session.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
A Subsidiary of Price Holdings, Inc. – an Employee Owned Diversified Financial Services Firm. Member NIBA, NFA
Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.
The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks. ©2017
SubscribeReceive daily summaries of all Market Insights blog posts.
Enter email below.
Most Recent Posts
- Delivery-30yr Bonds/10YRNotes, Ultra Bonds & Notes/Crude Oil/Ice Cotton
- Morning Grains 09/20/17
- Morning Softs 09/20/17
- FED Day and Jose & Maria Still Pose a Threat. The Corn & Ethanol Report 09/20/17
- Disasters all Around. The Energy Report 09/20/17
- Morning Grains 09/19/17
- Morning Softs 09/19/17
- FED Will not Raise Rates 09/19/17