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
Reports today start with the ISM Non-Manufacturing Index at 9:00 A.M. and API Energy Stocks at 3:30 P.M. Yesterday’s Crop Progress showed that analyst expected to rate the Corn of an average of 79% good to excellent condition. Although we are still in the early going but a good start off the blocks. In the overnight electronic session the July Corn is currently trading at 383 which is 2 ¼ cents higher. The trading range has been 385 ¼ to 380. Tariffs, trade wars and weather hang in the balance.
On the Ethanol front the June contract expires today and the July contract posted a trade at 1.460 which is .004 higher. 1 contract traded and the market is currently showing 1 bid @ 1.456 and 1 offer @ 1.462 with Open Interest at 1,070 contracts.
On the Crude Oil front the charts look ugly as selling pressure continues to be applied. It just seems at a tactical advantage heaving selling pressure hits at odd times just like this morning at 3:30 A.M. C.S.T. We need some bullish fundamental news and we have the API Energy Stocks out later today. Even with the technical looking ugly there are many of ships at the bottom of the sea and they had charts to. In the overnight electronic session the July Crude Oil is currently trading at 6451 which is 24 points lower. The trading range has been 6529 to 6422.
On the Natural Gas front the July contract is currently trading at 2.920 which is 1 cent lower. The trading range has been 2.931 to 2.908. I am still waiting for the floor to collapse on this market.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374