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 Iranian elections has driven Crude Oil to the breakout point to the upside and the market is pricing in fear premium if the new Iranian president scoffs at the Nuclear Deal made with the prior administration and locks horns with President Trump. We also have the June contract closing in on expiration. In the overnight electronic the July Crude Oil is currently trading at 5034 which is 68 points higher. The trading range has been 5039 to 4960.
On the Grain front the market got waxed yesterday with the corruption probe with the president Michel Temer allegedly caught on tape in a bribery scandal that helped him oust his predecessor Dilma Rousseff ousted in bitter impeachment proceedings. The Brazilian Real took a dump and the U.S. grain markets followed suit. We are starting out with a little dead-cat bounce after yesterday’s lows. In the overnight electronic session the July Corn is currently trading at 368 ¾ which is 2 ¾ cents higher. The trading range has been 369 to 366. A lot of geo-political drama heading into the weekend.
On the Ethanol front the July contract is currently trading at 1.485 which is .001 of a cent lower. The trading range has been 1.489 to 1.485. With the current bid of 1.496 and 1 offer @ 1.504 with Open Interest at 1,165 contracts which overtook the June contracts Open Interest in yesterday’s trading session which now sits at 807 contracts.
On the Natural Gas front the June contract is currently trading at 3.212 which is 3 cents higher. The trading range has been 3.215 to 3.181. The market is up in the early going after yesterday’s bearish injection number on the weekly EIA Gas Storage data.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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