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
The USDA weekly crop progress showed Soybean harvest 91% complete and Corn harvest 70% complete. Certain farmers in varying Mid-West States in varying areas told me they were below the National average. And weather forecasts are predicting a frost Wednesday night heading into Thursday when the monthly release of Crop Production USDA Supply/Demand data. Traders are wondering if we will see any surprises in the numbers in yields, however, previous reports released show a favorable good to excellent rating. In the overnight electronic session the December Corn is trading on light volume and is currently last at 347 which is 1 cent lower. The trading range has been 348 to 347.
On the Ethanol front there were no trades posted in the overnight electronic session. The December contract settled at 1.480 and is currently showing 1 bid @ 1.476 and 1 offer @ 1.484 with Open Interest at 1,413 contracts.
On the Crude Oil front after all the drama with all of the arrests yesterday in Saudi Arabia, the firing of a ballistic missile from Yemen’s Houthis at Riyadh and was intercepted over the capital with ni injuries a few days ago. This has only heightened tensions between the Iran-Yemen versus Saudi Arabia proxy war. Saudi State-T.V. al-Ebariya was quoted, firing the ballistic missile at Riyadh, “threatens the security of the Kingdom and regional and international security. The Sadi State-T.V. further went on, This is a hostile act by the Houthis and proves that one of the terrorism-supporting countries in the region support the Houthis”, the statement said. After the recent breakout and big gains the Crude Oil market seems to be taking this news in stride. At 3:30 P.M. we have the weekly A.P.I. data where whisper numbers are heard of another large draw adding to the heightened geo-political risk. In the overnight electronic session the December Corn is currently trading at 5726 which is 9 points lower. The trading range has been 5769 to 5713.
On the Natural Gas front the December contract is currently trading at 3.124 which is 1 cent lower. The trading range has been 3.148 to 3.094. Investors are concerned that we may have another selloff after big gains. If the weather forecasts are correct we could see a big move if we have a cold winter.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
A Subsidiary of Price Holdings, Inc. – an Employee Owned Diversified Financial Services Firm. Member NIBA, NFA
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
SubscribeReceive daily summaries of all Market Insights blog posts.
Enter email below.
Most Recent Posts
- Keystone XL clears Nebraska hurdle
- Oil eases as traders; investors grow edgy ahead of OPEC
- Morning Grains 11/20/17
- Deliveries Reminder – Crude/Coffee/Cotton/CGBs/Metals/Nat Gas
- Morning Softs 11/20/17
- Grains Fail to Follow-Through. The Corn & Ethanol Report 11/20/17
- Oil Up Cycle. The Energy Report 11/20/17
- Energies / Coffee /Cotton / CGBs /Metals 11/17/17