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
Today’s reports are Factory Orders at 9:00 A.M. and API Energy Stocks at 3:30 P.M. We also have early closings in most markets today. On the Corn front we are trading higher in the overnight electronic session. The September Corn is currently trading at 351 which is 4 cents higher. The trading range has been 351 ¼ to 348. Commercials are on the sidelines in the low volume holiday markets and whispers of what’s to come in the latest round of tariff talks.
On the Ethanol front the August contract posted a trade at 1.406 which is .013 higher. 1 contract traded and the market is currently showing 1 bid @ 1.404 and 1 offer @ 1.409 with Open Interest at 1,028 contracts.
On the Crude Oil front this overbought market is rolling in the overnight electronic attempting to punch through psychological resistance at $75 a barrel. The August Crude Oil is currently trading at 7475 which is 81 points higher. The trading range has been 7493 to 7392. The Saudi’s will ramp up production and put that excess production in storage as shortfalls loom with the Iranian and Venezuela shortfalls. We also are contending with a force majeure in Libya. The Saudi move is intended to attempt to level out any huge price spikes.
On the Natural Gas front the market is looking directionless with plenty of supply and lack of capacity which is crushing the cash market. In the overnight electronic session the August contract is currently trading at 2.865 which is .003 of a cent higher. The trading range has been 2.867 to 2.854.\
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