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 jumpstart the day with Personal Income at 7:30 A.M., Chicago PMI at 9:00 A.M., Grain Stocks and Small Grains Summary at 11:00.
On the Corn front we still are showing weakness in the entire Grain Complex as harvest is moving at a rapid pace with more than ideal weather to clear the fields. Also in the news Argentina is seeking a minimum biodiesel prices rather than U.S tariffs. These negotiations with the U.S. Department of Commerce could be a game changer in Free Trade. In the overnight electronic session the December Corn is currently trading at 353 ¼ which is ¾ of a cent higher. The trading range has been 353 ¼ to 351. Weather will be a factor to where we bottom with harvest pressure.
On the Ethanol front the November contract is currently trading at 1.498 which is .008 of a cent higher. The trading range has been 1.500 to 1.498 and the market is currently showing 1 bid @ 1.497 and 1 offer @ 1.502 with 9 contracts traded and Open Interest at 1130 contracts.
On the crude Oil front the market seems to be trading under valued even with technical pointing to being overbought because we broke out after months of a sideways pattern and the old adage a bull market needs to be fed every day. And the news I am digesting we should be trading at least two handles higher. In the overnight electronic session the November Crude Oil is currently trading at 5155 which is 1 tic lower. The trading range has been 5177 to 5129.
On the Natural Gas front the market is trading lower after a bullish EIA Energy Storage number. We will see local communities purchasing Natural Gas getting ready for a forecasted long and cold winter like a squirrel collecting acorns. In the overnight electronic session the November contract is currently trading at 2.997 which is 2 cents lower. The trading range has been 3.044 to 2.996.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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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
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