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
We jumpstart the day with Export Sales, 2nd Quarter GDP and Initial Jobless Claims at 7:30 A.M., EIA Gas Storage at 9:30 A.M. and Hogs & Pigs at 2:00 P.M. which could rattle the Pork complex.
On the Corn front the market is still looking weak despite a short covering rally that in yesterday’s trading session that had a higher market close. Weather is a factor and at the moment and the 5 day outlook will be ideal for harvesting which will further pressure the market and tomorrow the USDA will release quarterly stocks for September at High Noon, which could paint a bigger bearish picture. In the overnight electronic session the December Corn is currently trading at 352 ½ which is 1 ½ of a cent lower. The trading range has been 353 ¾ to 352 ½.
On the Ethanol front yesterday’s EIA Energy Stocks showed production averaged 996 thousand barrels a day which is down 3.58% from last week but 0.71% higher than a year ago. There were no trades posted in the November contract last night but the December contract posted a trade at 1.475 which is .014 of a cent higher. The November contract settled at 1.480 and is currently showing 1 bid @ 1.481 and 1 offer @ 1.495 with Open Interest at 1.141 contracts.
On the Crude Oil front the market is rolling in the overnight electronic session. With the passing hurricanes that created shortages in Energy Stocks, Energy Production and throw in the compliant OPEC Production Cuts. And seasonally we should see a more busy shoulder season with Diesel shortages and farmers harvesting which will drive demand even further. In the overnight electronic session the November Crude Oil is currently trading at 5260 which is 46 points higher. The trading range has been 5286 to 5186.
On the Natural Gas front we wait for the weekly EIA Gas Storage data today and the Thomson Reuters poll with 24 analysts participate estimated an injection build anywhere from 59 bcf to 73 bcf with the median 66 bcf. This compares to last week 97 bcf, the one-year 49 bcf and the five-year average of 84 bcf. In the overnight electronic session the November Natural Gas is currently trading at 3.041 which is 2 cents lower. The trading has been 3.067 to 3.036.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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