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
Nate made landfall in Mississippi as a Category 1 when it hit Biloxi and quickly lost strength as it moved very fast. We also have Tropical Depression Seventeen lurking in the Atlantic and looks to be a threat to the eastern seaboard with Maximum Sustained Winds at 30 knots moving north at 3 knots. On the Grain front the complex could not hold in the green. In the overnight electronic session the December Corn is currently trading at 350 which is unchanged. The trading range has been 351 ¾ to 349 ½. Trade estimates for Thursday Crop Production USDA Supply/Demand average Corn 2.289 billion bushels and estimates on the high side at 2.450 billion bushels and 2.168 billion bushels on the low side versus September 2.335 billion bushels.
On the Ethanol front the November contract is currently trading at 1.405 which is 1 ½ of a cent lower. The trading range has been 1.412 to 1.405. The market is currently showing 1 bid @ 1.411 and 2 offers @ 1.429 with Open Interest at 1,048 contracts.
On the Crude Oil front the November contract is currently trading at 4930 which is 1 tic higher. The trading range has been 4957 to 4913. The market has priced in no real damage to refineries from Nate and API Energy Stocks will be postponed until Wednesday at 3:30 P.M and the EIA Stocks until Thursday at 10:00 A.M. due to the Columbus Day holiday.
On the natural Gas front the November contract is currently trading at 2.873 which is 1 cent higher. The trading range has been 2.886 to 2.835.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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