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
Weather has not been conducive to this harvest lately but we should have a good week to get the farmers back in the field. In the overnight electronic session the December Corn is currently trading at 348 ¾ which is unchanged. The trading range has been 349 ¾ to 348 ¼. This market is looking to be forming a long-term bottom with China’s appetite for Ethanol which should lead back to supply and demand and should lower global stockpiles.
On the Ethanol front the December contract is currently trading at 1.415 which is .008 of a cent higher. The trading range has been 1.420 to 1.415 and the Open Interest is at 1,270 contracts.
On the Crude Oil front the market is looking to continue a break out to the upside from this current trading range and not being hindered by a lower Stock Market and higher U.S. dollar. In the overnight electronic session the December Crude Oil is currently trading at 5407 which is 17 points higher. The trading range has been 5418 to 5375.
On the Natural Gas front the December contract is currently trading at 2.996 which are 2 tics higher. The trading range has been 2.983 to 2.936. Investors in this market are following the La Nina weather patterns in this shoulder season.
Questions? Ask Dan Flynn today at 312-264-4374
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