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 seem to have continued conflicting weather reports whether it is the European model or the U.S. weather model they all seem to be wrong which puts a shake and bake in the market and takes out investors with low risk tolerance and puts them out of the game. As we move closer to the end of harvest with an oversold Corn market and in the short-term there is no end in sight. Another cog in the wheel Export Sales were disappointing whether we are oversold or not oversold which we need demand to pick up and carryover to slide and that does not look like it is going to happen in the next couple of years. In the overnight electronic session the December Corn is currently trading at 338 ¼ which is 1 ¾ of a cent higher. The trading range has been 338 ¼ to 336 ½.
On the Ethanol front there were no trades posted in the overnight electronic session. The December contract settled at 1.390 and is currently posting 1 bid @ 1.396 and 1 offer @ 1.401 with Open Interest on the decline at 1,033 contracts.
On the Crude Oil front the market bounced back after the International Energy Administration (IEA) attempted to shock the market lower stating that demand will go down which is farther from the truth. They accomplished getting investors with limited risk out of the market because of fake news. Expect OPEC to keep production cuts in line and this market will reverberate in a New York minute.
In the overnight electronic session the December Crude Oil is currently trading at 5599 which is 85 points higher. The trading range has been 5621 to 5518. Last Trading Day on the December contract is on Monday so we will change are focused to the January contract. But in the meantime let’s not wait for the last-minute and roll or liquidate your December positions.
On the Natural Gas front colder temperatures are rekindling buying investor interest. In the overnight electronic session the December Natural Gas is currently trading at 3.088 which is 3 ½ cents higher. The trading range has been 3.107 to 3.059.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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