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
Argentina’s Corn production, Brazil’s Corn production and U.S. expected production came really as no surprise with yesterday’s Crop Production USDA Supply/Demand data. The Grain complex did the typical shake & bake after the numbers were released and seems docile today after the storm. In the overnight electronic session the March Corn is currently trading at 364 ¼ which is 1 ½ cents lower. The trading range has been 365 ¼ to 363. Today’s session is starting off in hem-and-haw mode.
On the Ethanol front the March contract is currently trading at 1.415 which is unchanged. The trading range has been 1.417 to1.413. 20 contracts traded so far and Open Interest is at 1,087 contracts. The market is currently showing 2 bids @ 1.408 and 5 offers 1.410.
On the Crude Oil front the bears in the marketplace are focused on taking out psychological support at $60 a barrel. With an edgy Stock Market and a higher U.S. dollar they will want to achieve this technical objective. The fundamentals tell me otherwise but when there is fear in place all markets tend to overreact. In the overnight electronic session the March Crude Oil is currently trading at 6024 which is 91 points lower. The trading range has been 6077 to 6007.
On the Natural Gas front the market is not buying into the winter storm we are realizing and with temperatures next week pegged to be above freezing after the snow buyers are few and far between. In the overnight electronic session the March contract is currently trading at 2.627 which is 7 cents lower. The trading range has been 2.704 to2.617.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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