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 start off the day with Export Sales and Jobless Claims at 7:30 A.M. followed by EIA Gas Storage at 9:30 A.M. On the Corn front we are looking ahead to Export Sales data and allegedly the last punch from Old Man Winter. In the overnight electronic session the May Corn is currently trading at 382 ½ which is a ½ of a cent lower. The trading range has been 383 ½ to 382 ¼. On the Ethanol front the May contract is currently trading at 1.509 which is .007 higher. The trading range has been 1.509 to 1.506. 4 contracts changed hands and the Open Interest is at 703 contracts. The market is currently showing 2 bids @ 1.505 and 1 offer @ 1.509. On the Crude Oil front the market is rolling after the weekly inventory data and the market is pushing to achieve $70 a barrel in today’s trading session. The Saudi’s did politic that they want to see $100 a barrel and in his boom or bust industry this could become reality with another super cycle with global demand outpacing supplies. We also have First Notice Day in the May contract and in the overnight electronic session the May contract is currently trading at 6943 which is 96 points higher. The trading range has been 6956 to 6862. On the Natural Gas front we have the weekly EIA Gas Storage data and the Thomson Reuters poll with 23 analysts participating expect draws ranging from 7 bcf to 30 bcf with the median draw of 23 bcf. This compares to the one-year build of 71 bcf and the five-year average build of 60 bcf. In the overnight electronic session the May contract is currently trading at 2.719 which 2 cents lower. The trading range has been 2.751 to 2.712.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374