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 kickoff this Thursday with Initial Jobless Claims at 7:30 A.M., EIA Gas Storage at 9:30 A.M., EIA Energy Stocks at 10:00 A.M. and Dairy Product Sales at 2:00 P.M. On the Corn front the market seemed to lose some of it’s luster with yesterday’s close the highest it has been since earlier this month. The market achieved it’s goal of a close at 353 ¾ and the next technical achievement would be 360 ½. Even with short covering that could be a stretch by tomorrow’s trading session. Rains continue in Argentina and Brazil and are forecasted to continue until next Wednesday with Hot temperatures and heavy humidity which is great growing weather for Corn. In the overnight electronic session the March Corn is currently trading at 352 ½ which is 1 ¼ of a cent lower. The trading range has been 353 ½ to 352.
On the Ethanol front the February contract is currently trading at 1.317 which is .008 of a cent lower. The trading range has been 1.320 to 1.317. The market is currently showing 1 bid @ 1.313 and 1 offer @ 1.319 with 3 contracts traded and Open Interest at 1,673 contracts.
On the Crude Oil front last night’s API showed larger than expected draw of 6 million barrels. The Gasoline build was higher than expected at 3.1 million barrels and Distillates has a surprise build as well at 2.8 million barrels. Cushing, Oklahoma showed draws of 1.3 million barrels. This morning’s EIA data could push the Crude above $60 a barrel before the year ends. Such a pontification with the market currently trading at 5966 in the overnight electronic session and another trading session left. The trading range has been 5989 to 5952.
On the Natural Gas front the market is flying with the cold snap we were long overdue for. We also have the EIA Gas Storage that could pull the reigns in on the rally but we are still going to be bone chilling cold heading into next week. In the overnight electronic session the February contract is currently trading at 2.847 which is 11 ½ cents higher. The trading range has been 2.860 to 2.734.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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