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
This morning we kickoff the day with monthly Unemployment, Export Sales and U.S. Trade Balance at 7:30 A.M. followed by Factory Orders and ISM Non-Manufacturing Index at 9:00 A.M. The Bomb Cyclone punishing the East Coast and the Arctic temperatures over the most of the lower 48 has brought gloom and cabin fever. The weather forecast is calling for more normal temperatures next week and people will be able to get back to their normal routine. So think the thought, days are getting longer and spring is right around the corner.
On the Corn front the Grains as whole could not sustain the luxury of trading higher and have a higher close. In the overnight electronic session the March Corn is currently trading at 352 which is 1 cent higher. The trading range has been 352 ¼ to 350 ½. Let’s see if the day session could post a higher close.
On the Ethanol front there were no trades posted in the overnight electronic session. The February contract settled at 1.322 and is currently showing 1 bid @ 1.323 and 1 offer @ 1.328 with Open Interest at 1,596 contracts.
On the Crude Oil front were trading lower due to a technically overbought market and a higher U.S. dollar. In the overnight electronic session the February contract is currently trading at 6135 which is 66 points lower. The trading range has been 6204 to 6129.
On the Natural Gas front a change in the weather to more normal temperatures had the running of the bulls to the exit. In the overnight electronic session the February contract is currently trading at 2.790 which is 9 cents lower. The trading range has been 2.887 to 2.780. Hopefully next week will give a chance to our friends on the East Coast to dig out.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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