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
The markets are still a little edgy as trading partners continue to lob threats back and forth at each other. I wish investors would realize that this is talk for now and nothing has been implemented yet. This morning we have Consumer Confidence at 9:00 A.M. and later in the day we have the API Energy Stocks at 3:30 P.M. On the Corn front if rains makes grains we should have plentiful yields in the Plains and Mid-west if the fields did not drown in floods. After another Crop tour in Brazil, Agroconsult forecasted Brazil’s Corn crop would total 55.2 million tonnes this season, down from the May estimate of 57 million tonnes and sharply lower from the 67.3 million tonnes in 2016/17. Contributing is Ana Mano with Thomson Reuters. In the overnight electronic session the July Corn is currently trading at 353 ¾ which is 3 ¼ cents higher. The trading range has been 354 to 348 ½.
On the Ethanol front the August contract is currently trading at 1.421 which is .008 higher. The trading range has been 1.421 to 1.417. The market is currently showing 1 bid @ 1.421 and 5 offers @ 1.424. The Estimated Volume is 13 contracts changing hands and Open Interest climbing to 935 contracts.
On the Crude Oil front the markets has been all over the place. Tonight’s API Energy Stocks I am expecting bullish numbers with rains hampering movement in the Houston Shipping Channel. Also the taking down of the Ship Channel Bridge and rebuilding a new one will keep Channel access limited. In the overnight electronic session the August Crude Oil is currently trading at 6827 which is 19 points higher. The trading range has been 6856 to 6772.
On the Natural Gas front we have the July contract expiring tomorrow. Hot temperatures are forecasted for the weekend and should taper off next week. In the overnight electronic session the August Natural Gas is currently trading at 2.921 which is unchanged. The trading range has been 2.933 to 2.906.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374