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 U.S. Trade Balance at 7:30 A.M., EIA Energy Stocks at 9:30 A.M., and Dairy Product Sales at 2:00 P.M. and we have earnings starting at the Opening Bell. On the Corn front the market is holding its edge as the NAFTA negotiations took a shift as President Trump would prefer to have separate bilateral agreements with needs being different between our two neighbors. In the overnight electronic session the July Corn is currently trading at 384 ¼ which is a ½ of a cent higher. The trading range has been 386 ½ to 383 ¾.
On the Ethanol front the July contract is currently trading at 1.466 which is .004 higher. The trading range has been 1.472 to 1.464. Estimated volume showed 6 contracts traded and Open Interest is down to 955 contracts. The market is currently showing 1 bid @ 1.461 and 1 offer @ 1.464.
On the Crude Oil front last night’s API showed draws in Crude Oil of 2.208 million barrels, Gasoline stocks rose 3.579 million barrels, Distillates showed another draw of 871 thousand barrels while Cushing showed draws of 1.038 million bushels. Even with a neutral to friendly number the market did it’s selloff in wee hours of the morning like a thief in the night. I still expect to see higher prices even though we the charts look negative and we have tariff and trade talk. The market will eventually wake up to the demand numbers and supply on hand. In the overnight electronic session the July Crude Oil is currently trading at 6520 which is 32 points lower. The trading range has been 6596 to 6504.
On the Natural Gas front the market just seems it does not want to take a tumble regardless where the cash prices are. In the overnight electronic session the July contract is currently trading at 2.890 which is unchanged. The trading range has been 2.912 to 2.885.
Today marks the 74th Anniversary of the D-Day Invasion Where Our Troops Liberated so many Countries!
Let’s Not Forget and Say A Prayer!
Questions? Ask Dan Flynn today at 312-264-4374