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
Just when you thought we received a bullish overtone in the Grain Complex with Fridays Grain Stocks and Small Grains Summary data more bearish news hit the wires with INTL FC Stone raised their estimates of the average Corn yield to 169.2 billion bushels per acre from their previous report on August 31st from 166.9. What really raises eyebrows was the Corn production estimate to 14.129 billion bushels from 13.939 billion previously. With last year’s carryover this is not food to continue to have the bulls come back to the dance floor. In the overnight electronic session the December Corn is currently trading at 350 ½ which is 1 cent lower. The trading range has been 351 ½ to 349 ½.
On the Ethanol front the October contract is closing in on expiration while the November contract is currently trading at 1.467 which is a ½ of a cent higher. The trading range has been 1.467 to 1.463 with 4 contracts traded. The market is currently showing 1 bid @ 1.463 and 2 offers @ 1.478 with Open Interest at 1,120 contracts.
On the Crude Oil front after yesterday’s big break the market still held key support at $50 a barrel. At 3:30 P.M. we have the weekly API Energy Socks data that should show some bullish signs. In the overnight electronic session the November Crude Oil is currently trading at 5041 which is 17 points lower. The trading range has been 5068 to 5034.
On the Natural Gas front the market is trading mostly steady in this unique shoulder season. In the overnight electronic session the November contract is currently trading at 2.916 which is unchanged. The trading range has been 2.935 to 2.910.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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