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 kick-start this morning with reports banging out at 7:30 A.M. with Business Inventories, CPI, Export Sales, Real Earnings and Retail Sales. After yesterday’s Crop Production USDA Supply/Demand data the Soybeans rallied and made a run that we have not seen this year. Even with harvest not close to complete all of the bottom feeders looking to buy value was a shot in the arm in yesterday’s activity. With weather and harvest concerns and play a factor we should see some more fresh selling pressure with any rally we saw in this 2017 year. In the overnight electronic session the December Corn is currently trading at 349 ¼ which is a ¼ of a cent higher. The trading range has been 350 to 348 ¼.
On the Ethanol front the November contract is currently trading at 1.440 which is .014 of a cent higher. The trading range has been 1.440 to 1.433 with 4 contracts traded. The market is currently showing 2 bids @ 1.434 and 1 offer @ 1.443 with Open Interest dropping to 1,005 contracts.
On the Crude Oil front, when will reality set in? A false headline created a selloff taking smaller investors out of the market only to boomerang back on fact. In the overnight electronic session the November Crude Oil is currently trading at 5159 which is 99 points higher 5170 to 5070. Demand is key and a fabricated headline will not stop the bucking bulls from charging through the chute.
On the Natural Gas front the market continues to keep the dead cat bounce off all-time lows with a bad winter forecasted and exports on the upswing and producers which are producing less at these price levels. When we reach peak demand and believe it or not we will stretch the power grid and see prices shoot higher on the old squeeze play. In the overnight electronic session the November Natural Gas is currently trading at 3.019 which is 3 cents higher. The trading range has been 3.036 to 2.989.
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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