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
This morning we start off the day with Wholesale Trade at 7:30 A.M. Good exports did overshadow bear forces as more investors participated. The Corn market continues to weigh in on the crops in Argentina and Brazil, weather and the upcoming G-7 meeting as trade talks hangs in the balance and it should be a colorful meeting as President Trump will seek a more even playing field on U.S. goods which could affect demand. In the overnight electronic session the July Corn is currently trading at 374 ½ which is 1 ¾ of a cent lower. The trading has been 377 to 373 ½.
On the Ethanol front the July contract is currently trading at 1.441 which is .005 lower. The trading range has been 1.441 to 1.434. 5 contracts traded and Open Interest is at 871 contracts. The Trump administration is delaying month-long talks with Big Oil and Big Corn on the Renewable Fuel Standard (RFS) tweaks with farmers from Midwestern states were uneasy on parts of the proposal.
On the Crude Oil front the thief in the night reared his ugly head once again and tripped up a good rally. We will be looking at a divided OPEC and Non-OPEC meeting on production June 22nd in Vienna. In the overnight electronic session the July Crude Oil is currently trading at 6565 which is 30 points lower. The trading range has been 6619 to 6545.
On the Natural Gas front the July contract is currently trading at 2.900 which is 3 cents lower. The trading range has been 2.936 to 2.882. I did see some sellers on yesterday’s rally and we had a slightly bearish EIA Gas Storage number that showed an injection build of 92 bcf with the average street estimate was 90 bcf.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374