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
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