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 Super Bowl Monday with ISM Non-Manufacturing Index at 9:00 A.M. followed by Export Inspections at 10:00 A.M. Informa Economic, a private analytics firm lowered estimates on Corn & Soybean crops in Argentina. They pegged the Corn crop at 37 million tonnes, down 5 million from its prior forecast, noting below normal rainfall. The Soybean production down to 51 million tonnes, down 3.5 million tonnes from the previous estimate while raising the Wheat crop to 18.5 million tonnes up from 18 million previously. On Thursday we will have the February USDA report. All the news did not spillover to the futures markets with the March Corn currently trading at 358 which is 3 ½ cents lower. The trading range has been 359 ½ to 358.
On the Ethanol front the February contract moves closer to expiration, while the March contract is currently trading at 1.428 which is .015 lower. The trading range has been 1.429 to 1.428 with 3 contracts traded and Open Interest at 1,585 contracts. The market is currently showing 1 bid @ 1.434 and 1 offer @ 1.445.On the Crude Oil front we are trading a little easier as a higher U.S. dollar, lower Stock Market and Interest Rise on investors’ minds. We are hearing whisper numbers of draws on tomorrow’s API Energy Stocks. In the overnight electronic session the March Crude Oil is currently trading at 6485 which is 60 points lower. The trading range has been 6540 to 6462.
On the Natural Gas front the market is trading lower with the March contract las at 2.806 which is 4 cents lower. The trading range has been 2.880 to 2.801 so far. Weather forecast differ of how long we will be blanketed with Arctic weather but seem to agree on a below-normal cooler March as we inch closer to spring.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.
The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks. ©2018
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