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 jumpstart this first day of December with Construction Spending and ISM Manufacturing Index at 9:00 A.M. followed by Cotton System, Fats & Oils and Grain Crushings at 2:00 P.M. In the overnight electronic session the March Corn is currently trading at 356 ¼ which is a ½ of a cent higher. The trading range has been 357 ¼ to 354 ¾. We are hoping for a post-harvest rally and Corn sales are 6 ½ % lower than last year at this time.
On the Ethanol front the EPA said on Thursday it would require fuel companies to blend more biofuels into the nations Gasoline Diesel next year, reversing a previous proposal for a small cut. EPA Administrator Scott Pruitt was quoted, “Maintaining the renewable fuel standard at current levels ensures stability in the marketplace and follows through with my commitment to meet the statutory deadlines and lead the Agency by upholding the rule of law.” The January contract is currently trading at 1.365 which is .003 of a cent higher. The trading range has been 1.365 to 1.363 with 2 contracts traded. The market is currently showing 1 bid @ 1.362 and 9 offers @ 1.365 with Open Interest at 1,332 contracts.
On the Crude Oil front the market held support after the Goldman Sach’s selloff on the OPEC agreement on which Goldman hinted there was no deal and that was wrong the deal achieved production cuts well in the 2018 year and other countries like Iraq and Libya are on board. We should see a dramatic upswing as we usher in the New Year. In the overnight electronic session the January Crude Oil is currently trading at 5781 which is 41 points higher. The trading range has been 5795 to 5729.
On the Natural Gas front the market is trading on next week’s weather forecast calling for temperatures in the 20’s before the wind chill factor. The January Natural Gas is currently trading at 3.090 which is 6 ½ cents higher. The trading range has been 3.117 to 3.029.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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