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
More profit taking as we have a busy report week with Consumer Confidence at 9:00 A.m. and API Energy Stocks at 3:30 P.M. Janet Yellen’s last FOMC meeting today and a decision to raise rates or keep in check tomorrow. And we have President Trump’s State of the Union Speech tonight. In the overnight electronic session the March Corn is currently trading at 360 ¼ which is 1 ½ of a cent higher. The trading range has been 368 ¾ to 359. Ideally, although a stretch but with fund activity picking up we would like to test 369. With Argentina and Brazil’s harvest in question to higher percentages of crop being good to excellent could trigger some additional buying.
On the Ethanol front the March contract is currently trading at 1.390 which is .003 of a cent lower. The trading range has been 1.390 to 1.389 with 5 contracts traded and Open Interest at 1,852 contracts. The market is currently showing 1 bid @ 1.369 and 2 offers @ 1.392.
On the Crude Oil front the market is in profit taking mode as well. After Consumer Confidence and API data the tone could be set for another drive to the upside, the market will also have a keen interest in President Trump’s State of the Union speech and if the FED will raise rates or keep in check tomorrow. In the overnight electronic session the March Crude Oil is currently trading at 6501 which is 55 points lower. The trading range has been 6556 to 6467.
On the Natural Gas front the market is trading the cold weather forecast and the reports are calling for a warmup tomorrow only to go back in the deep freeze Thursday and onward into next week. With the February contract expiring yesterday we could see a weather squeeze in the March contract which is currently trading at 3.247 which is 8 cents higher. The trading range has been 3.259 to 3.170.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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