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 have Export Inspections and Crop Progress. The rains will keep the farmer’s off the field until we dry and the rain coverage is soaking the fields. We are supposedly going to clear and be in the 80’s tomorrow and dry the fields. In the overnight electronic session the July Corn is currently trading at 395 ¼ which is 1 ¼ of a cent lower. The trading range has been 396 ½ to 394 ¼. We should get an education on percentage of plantings complete with today’s Crop Progress report.
On the Ethanol front there were no trades posted in the overnight electronic session. The June contract settled at 1.459 and is currently showing 1 bid @ 1.453 and 1 offer @ 1.458 with Open Interest at 784 contracts.
On the Crude Oil front the market is supported by geo-political issues with the powder keg in the Middle –East and several countries flexing their military muscles. We also have record demand that should drive prices to the next level. In the overnight electronic session the June Crude Oil is currently trading at 7080 which is 10 tics higher. The trading range has been 7088 to 7026.
On the Natural Gas front I continue to look at a market that defies all logic as the futures continue the ride and have a large premium to the cash market. In the overnight electronic session the June Natural Gas is currently trading at 2.826 which is 2 cents higher. The trading range has been 2.836 to 2.810.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374