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 U.S. Corn crop is seen 83% harvested versus 70% a week ago. A farmer I spoke with in Northwestern Illinois believes he will be done harvesting today or tomorrow. Which puts him ahead of the cut. Speaking of cuts hopefully Congress will get its act together and Tax Reform done as we need to take the next step to get our economy booming. They must abolish the Death Tax that forces generations of farm families to sell their farm due to this gratuitous tax that gets spent unwisely and putting an American Institution out of business. Corn exports were disappointing and the market showed what is cheap can get cheaper. In the overnight electronic session the December Corn is currently trading at 341 ¾ which is a ½ of a cent lower. The trading range has been 342 ¼ to 341 ¼.
On the Ethanol front there were no trades posted in the overnight electronic session. The December contract settled at 1.442 and is currently showing 1 bid @ 1.432 and 3 offers @ 1.443 with Open Interest at 1,317 contracts.
On the Crude Oil front the market is trading a little easier in the overnight electronic session. Tonight we have the API Energy Stocks and already hearing whispers of another large draw. OPEC is sticking to production cuts and throws in the geo-political concerns with joint naval exercises taking place with South Korea in the Sea of Japan and Saudi Arabia’s proxy war with Iran and Yemen that could lead to an airstrike in Lebanon. The December Crude Oil is currently trading at 5649 which is 27 points lower. The trading range has been 5677 to 5637.
On The Natural Gas front stops were hit in yesterday’s action and the overnight electronic session with warmer temperatures forecasted and on the way Thursday. The December Natural Gas is currently trading at 3.102 which is 6 ½ cents lower. The trading range has been 3.149 to 3.089.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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