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
With the crazy weather we have been experiencing in the lower 48, volcano eruptions in Hawaii and now we have the first tropical depression located over the eastern Gulf of Mexico. Formation chance of becoming a hurricane is low but the early activity should raise an eyebrow with the current weather conditions. On the Corn front yesterday’s Crop Progress report showed that the crop was 62% complete planted versus 39% last week. In the overnight electronic session the July Corn is currently trading at 398 ½ which is 2 cents higher. The trading range has been 400 to 396.
On the Ethanol front there were no trades in the overnight. The June contract settled at 1.478 and is currently showing 2 bids @ 1.476 and 2 offers @ 1.481 with falling Open interest at 655 contracts.
On the Crude Oil front the market is rolling with geo-political events that have galvanized this already fundamentally bull market. We have the API weekly inventories at 3:30 P.M. In the overnight electronic session the June Crude Oil is currently trading at 7148 which is 52 points higher. The trading range has been 7169 to 7079.
On the Natural Gas front the market continues to fool me like Mother Nature. The futures still lead the cash. In the overnight electronic session the June contract is currently trading at 2.852 which is 1 cent higher. The trading range has been 2.857 to 2.830.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374