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 kickoff the week with New Home Sales at 9:00 A.M., Export Inspections at 10:00 A.M. and Crop Progress at 3:00 P.M. On the Corn front the Grain complex remains under pressure on worries of the escalating trade dispute with China. In the overnight electronic session the July Corn is currently trading at 354 ½ which is 2 ¾ cents lower. The trading range has been 359 ½ to 352.
On the Ethanol front there were no trades posted in the overnight electronic session. The August contract settled at 1.431. The market is currently showing 1 bid @ 1.426 and 3 offers @ 1.431 with Open Interest at 808 contracts.
On the Crude Oil front there were no major surprises at the OPEC meeting that was not already priced in the market. There is an outage in the Canadian Sands which gave a boost to prices this morning. In the overnight electronic session the August Crude Oil is currently trading at 6899 which is 41 points higher. The trading range has been 6916 to 6816.
On the Natural Gas front weather forecasters are backing off last week’s forecast of temperatures in the 90’s heading into the 4th of July. This had the bulls covering positions. In the overnight electronic session the August Natural Gas is currently trading at 2.905 which is 4 cents lower. The trading range has been 2.943 to 2.897.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374