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 the day with Consumer Price Index (CPI) and Real Earnings at 7:30 A.M., EIA Energy Stocks at 9:30 A.M. and Dairy Product Sales at 2:00 P.M. On the Corn front the market did not really react overly bullish on yesterday’s Crop Production USDA Supply/Demand data. The timing of China president Xi’s pledging to open their economy and cut tariffs was welcome news to free trade especially with their participation in importing Grains and Ethanol not to mention other commodities. In the overnight electronic session the May Corn is currently trading at 389 ½ which is a ¼ of a cent higher with a tight trading range of 3390 ½ to 389.
On the Ethanol front the May contract is currently trading at 1.478 to 1.475. 7 contracts traded and Open Interest dropping to 1,101 contracts. The market is currently showing 2 bids @ 1.472 and 2 offers at 1.478.
On the Crude Oil front last night’s API showed builds in Crude Stocks of 1.758 million barrels, Gasoline Stocks up 2.005 million, Distillates had a draw of 3.849 million barrels which is bad news for Diesel users. Cushing, Oklahoma showed builds of 1.452 million barrels. The market is trading higher with expectations the coming retribution to Syria for gassing civilians. In the overnight electronic session the May Crude Oil is currently trading at 6590 which is 39 points higher. The trading range has been 6644 to 6515.
On the Natural Gas front the market is quiet with the May contract currently trading at 2.641 which is 1 ½ of a cent lower. The trading range has been 2.670 to 2.621.
Have a Great Trading Day!