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
It is official this early in winter that the weather forecasters are calling these temperatures a polar vortex or as I would say it is just so darn cold outside. And talks of portions of the Great Lakes freezing over and disrupting commercial shipping. You can bet the ice-breakers will be working overtime. This is the last trading session of 2017 and we kickoff the day with Export Sales at 7:30 A.M. and Chicago PMI at 9:00 A.M. More bone-chilling cold weather and snow forecasted going into the New Year on this eighth day of winter. The Grains took it on the chin in yesterday’s action and whispers that bottom feeders are back looking to buy value. We will look at exports this morning to see if there is any activity as we head into the New Year’s holiday. Also time will tell and weather will tell if this complex can have a turnaround rally and flex its muscles like other commodities have shown. In the overnight electronic session the March Corn is currently trading at 351 which is 1 cent lower. The trading range has been 351 ¼ to 350 ¼.
On the Ethanol front the February contract posted a trade at 1.341 which is .001 higher. The market is currently showing 1 bid @ 1.337 and 2 offers @ 1.344 with Open Interest at 1,657 and 1 contract traded in this last day of 2017 trading.
On the Crude Oil front the market eclipsed the $60 a barrel level again and a close over $60 a barrel should be the beginning of another bullish trend in 2018. In the overnight electronic session the February Crude Oil is currently trading at 6014 which is 30 points higher. The trading range has been 6032 to 5982.
On the Natural Gas front the weather outside is frightful and the market is starting to realize and take notice that this cold weather may stick around for a while and coal plants are working overtime to ensure stabilization to the power grid as we will be in peak demand heating our houses and homes and the eastern seaboard is going to have a run on Home Heating Oil as the Polar Vortex continues its stranglehold on us. In the overnight electronic session the February contract is currently trading at 2.969 which is 5 ½ cents higher. The trading range has been 2.988 to 2.926.
Have a Happy Prosperous and Safe New Year!
Questions? Ask Dan Flynn today at 312-264-4374
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