About The Author

Daniel Flynn

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 this NFL Draft Day with Advanced Durable Goods, Export Sales and Jobless Claims at 7:30 A.M. followed by the EIA Gas Storage at 9:30 A.M. It is also Last Trading Day on May Natural Gas. The Grains staged an impressive rally in yesterday’s trading session. In the overnight electronic session the May Corn is giving a little back currently trading at 385 ¾ which is ¾ of a cent lower. The trading range has been 386 ¾ to 384 ½. The weather forecasters are predicting a break in the weather in the Mid-West and we should see a substantial percentage of Corn & Soybeans planted. On the Ethanol front the June contract posted a trade at 1.467 which is .003 lower. 10 contracts changed hands with the market currently showing 1 bid @ 1.470 and 1 offer @ 147.4 and Open Interest at 830 contracts.

On the Crude Oil front the market is rolling along this morning with the June contract currently trading at 6862 which is 57 points higher. The trading range has been 6868 to 6796. Oil majors are abandoning Venezuela as two Chevron employees were arrested for not signing a contract with the government was offering for equipment at inflated prices. Good Luck keeping the lights on. We also have geo-political tensions in the Middle-East, rising demand both domestically and globally which is a sign of a strong economy and the emerging markets on the move. We also have tight supplies and having problems keeping up with demand.

On the Natural Gas front the May contract expires today and we have the weekly EIA Gas Storage data. The Price Group is expecting a build of 5 bcf. The Thomson Reuters poll of 21 analyst participating expect draws anywhere from 22 bcf to builds of 9 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 June Natural Gas is currently trading at 2.805 which is .002 of a cent lower. The trading range has been 2.818 to 2.804.

Have a Great Trading Day!
Dan Flynn

 

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