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
With harvest starting to move at full tilt cooler temperatures and shortages in the Diesel market will take center stage. The EPA is seeking a proposal to reduce biodiesel blending requirements for 2018. Other news with the Corn Syngenta AG has agreed to pay $ 1.5 billion to resolve lawsuits stemming from its decision to commercialize a genetically modified strain of Corn before China approved importing it. The Swiss confirmed that it had reached a settlement without confirming financial terms. The accord came in a Minnesota state court in which 22,000 farmers seeking $400 million. The settlement came after a federal jury in June ordered Syngenta to pay $217.7 million to Kansas farmers who blamed it for causing catastrophic damage after Chinese officials began refusing U.S. Corn shipments in 2013. Reporting this story Nate Raymond with Thomson Reuters. In the overnight electronic session the December Corn is currently trading at 350 ¾ which is 1 ½ of a cent lower. The trading range has been 352 to 350 ¼.
On the Ethanol front the November contract is currently trading at 1.465 which is .022 lower. The trading range has been 1.475 to 1.435. The estimated volume is 18 contracts with Open Interest at 1,191 contracts.
On the Crude Oil we had a bullish API number last night and look ahead to more of the same with this morning’s EIA Energy Stocks. As I wrote earlier we should see a pop in Diesel demand with harvest and cooler temperatures expected we could see a move through the roof in the Energy Sector. In the overnight electronic session the November Crude Oil is currently trading at 5192 which is 4 tics higher. The trading range has been 5234 to 5167.
On the Natural Gas front the October contract goes off the board today and the November contract is currently trading at 3.040 which is 4 cents higher. The trading range has been 3.040 to 3.000 so far. We should see a chop in this shoulder season.
Today’s reports, Advance Durable Goods 7:30 A.M., EIA Energy Stocks at (;30 A.M. and Dairy Product Sales at 2:00 P.M.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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