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
A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA
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