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
After a long weekend we are back in the saddle today starting with Export Inspections at 10:00 A.M. But released late Friday may be the news in the big picture in today’s trading session after Commerce Secretary Wilbur Ross was quoted, “ found that the quantities and circumstances of Steel and Aluminum imports threaten to impair national security”. This new spurred gains in Metal prices and shares of Alcoa Corp., Century Aluminum Co. and U.S. Steel. However, some people counter saying this could threaten U.S. Manufacturing Jobs and cancellation of China’s tenders on Grain. This story was reported by Joe Deaux and Andrew Mayeda of Bloomberg. In the overnight electronic session the March Corn is currently trading at 369 ¼ which is 1 ¾ of a cent higher. The trading range has been 369 ½ to 367 ½.
On the Ethanol front the rollovers to April from the March contract is in full force with April Open Interest exceeding the March. The March contract traded 22 contracts to the volume of 2 contracts in the April. The March contract is currently trading at 1.494 which is 1 cent higher. The trading range has been 1.494 1.484. The market showing 2 bids @ 1.491 to and 1 offer @ 1.493.
On the Crude Oil front the March contract expires today so we will change our focus to the April contract and the complex is rolling this morning. We have the API data delayed until tomorrow with the President’s Day holiday yesterday. In the overnight electronic session the April contact is currently trading at 6190 which is 35 points higher. The trading range has been 6265 to 6149. With now being the U.S. a net exporter, record demand and production and demand is outpacing production and OPEC announced it is still serious about production cuts this market is in a boom not a bust moving into shoulder season.
On the Natural Gas front the oversold market is seeing a short-covering rally this morning. In the overnight electronic session the March contract is currently trading at 2.633 which is 7 ½ cents higher. The trading range has been 2.662 to 2.631 with no real weather scare forecasted this week.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374
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